Abstract
Dutch pension funds often hire investment consultants to give advice on how to invest the retirement contributions of their participants and to manage these investments. Combining investment advice with asset management has potential benefits for pension funds: lower prices for asset management that is tailored to investment advice. But there are also agency costs to consider. Investment consultants know more than investors do. Will investment consultants not tailor their advice to sell their asset management services? This article uses a regulatory dataset on Dutch pension funds to explore this question.
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