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.
不是很明白为什么答案是C选项。
我理解C的意思是: 通过外包，小基金的规模小的劣势可以通过外包，基金经理将多个养老金汇集成大的基金来投资一些投资门槛高的产品，这才是outsourcing的scale benefits。 但是养老金是需要分开管理的，应该不能将多个PENSION汇集一起去投资门槛高的产品吧。
