Liquidity obsession 'irrational', says UK rail pension head

Chief executive of railways pension group says cost controls more important

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Hitchen: short-term liquidity doesn't really matter

The concerns of regulators, banks and asset managers about thinned-out market liquidity are “irrational”, according to the chief executive of one of the biggest UK pension schemes.

Chris Hitchen, who heads RPMI, a pension fund and administrator managing over £20 billion ($28.4 billion) of assets, said: “For the long-term benefit of my members, it doesn’t really matter whether the price of securities is right this minute, this day, this second. It doesn’t really matter whether we can access liquid

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