On Thursday, the Western trust said that its intention was to close four NHS residential care homes and defended its actions, saying it had tried to be honest with people during its discussions.

BBC: Edwin Poots tells trusts to drop care homes closure policy

Since the intention of the study was to judge how well unit-trust managers performed (rather than answer the slightly different question of how well investors did), the harmful impact of costs associated with buying into the funds, a big issue in Britain, was eliminated.

ECONOMIST: Mutual suspicion | The