3.10 Investors with a portfolio of PFI projects may also be able to improve their returns by efficient management of the operational activities of the projects within their portfolio. One secondary market fund told us:
■ their business had been rationalised by the creation of regional directors;
■ 70 per cent of the fund's employees are involved in asset management;
■ these employees had specialist knowledge in operational and construction matters; and
■ they were charged with the task of enhancing the value of the PFI projects.
Any gains which arise from an efficient asset management approach are operational profits outside of the code and would not have to be shared with the public sector although, as noted above, the Treasury would expect operating efficiencies to feed through into better pricing of new competitively bid PFI contracts.