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.
而且它既然规模小，为啥还有scale benefit呢？不是规模大才有规模效应吗？
