UK - Frank Russell is urging common standards for calculating and presenting performance data during portfolio transitions.
Its paper – Performance Standards for Transition Management – claims the lack of a common standard has left clients with incomplete reporting.
Implementations services team director Robert Collie said: “Without common standards, investors cannot have complete confidence in the transition results quoted to them.”
And he claimed “unreported performance loss” was often two to three times greater than the reported cost.
“Investors don’t know this is happening, and with an estimated £950bn to £1.3trn transitioned industry-wide in 2002 alone, the figure on unreported cost could be staggering.”
Frank Russell implementation Services managing director Adrian Jackson added: “It is time to get together and agree what we are going to do about benchmark selection, timeframes and the calculation of composites.”
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.