Episode 2

Institutional investors such as pension funds are the most dominant force in world markets. But how much do we know about the different intermediaries involved in managing our pensions and how much money they take for their work?

David Grossman asks what the data about the dozens of funds in the Local Government Pension Scheme tells us about how all our pensions are being managed. And he investigates the role of the most important bank you've never heard of - the global custodian.