UK - Scottish Widows Investment Partnership (SWIP) has announced its plans to stop soft commissioning for pension fund clients.
From January 1, 2002 SWIP confirms that all funds which are managed principally for pension fund clients will not pay soft commission on the trading of fund assets.
This announcement follows the recommendation given by the Myners report of March 6, 2001. The report recommended that pension fund trustees review transaction procedures and costs of asset management companies.
SWIP is one of the first global asset management houses to take direct action on Myners recommendations.
Fiach Maguire, global marketing director said: We are delighted to announce that we will no longer soft. This clearly demonstrates our confidence and desire to work closely with our clients and to provide them with a transparent, efficient and professional service. SWIP has the robust processes and people in place to maintain the high level of service required yet remain competitive.
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