NO.PZ2019100901000002
问题如下：
Maglav outsources the management of the pension plan entirely to Westcome Investments. The fee structure requires Maglav to compensate Westcome with a high base fee regardless of performance. Boulder tells Azarov that outsourcing offers small institutional investors, such as Maglav’s pension plan, the following three benefits:
Benefit 1: Regulatory requirements are reduced.
Benefit 2: Conflicts of interest are eliminated from principal–agent issues.
Benefit 3: Investors have access to a wider range of investment strategies through scale benefits.
Which of the benefits of outsourcing the management of the pension plan suggested by Boulder is correct?
选项：
A.
Benefit 1
B.
Benefit 2
C.
Benefit 3
解释：
C is correct.
Scale (asset size) is a defining characteristic for institutional investors since it affects key aspects of the investment process. Maglav’s pension plan is small, with $25 million in assets under management. Smaller institutions may be unable to access certain investments that have a high minimum investment, such as private equity and real estate assets. These smaller institutions may also have difficulty in hiring skilled investment professionals. As a result, small institutional investors, such as Maglav’s pension plan, are more likely to outsource all or most of the investment operations to external asset managers or investment consultants.
这个题目里提到了说不管表现怎么样，都收很高的管理费，所以肯定是仍存在委托代理冲突的。但是我想请问一下，如果没有这条，仅仅比较外包或者不外包，委托，冲突有啥差别吗？
