INCLUDING: US - Bill to broaden 401(k) fee disclosure; JAPAN - Markets to rise; UK - New CEO for BP fund;
US – Bill to broaden 401(k) disclosure
Legislation has reportedly been introduced to broaden fee disclosure requirements for 401(k) plans and require each plan to include at least one lower-cost, balanced index fund in its investment line up.
The ruling would require service providers to annually disclose all fees charged to plan participants, as well as potential conflicts of interest.
JAPAN –Markets to rise
Edwin Merner, president of Atlantis Investment Research Corporation, has predicted the Japanese stock market will rise on the back of increased domestic investor confidence.
While many commentators have raised concerns that the upcoming election for the upper house on 29 July, in which the ruling Liberal Democratic Party is expected to do badly, will panic overseas investors, Merner said the impact would be short term.
UK- New CEO for BP fund
Sally Bridgeland has taken over as chief executive officer of BP Pension Trustees Limited which manages the £13 billion BP Pension Fund.
Her appointment comes after the fund’s former head of investment, Colin Maltby, retired from the organisation.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.
Some 56% of defined contribution (DC) asset managers do not believe they will have transaction cost information in time for pension funds' March year-end statements, according to Lane Clark & Peacock (LCP) research.
NEST has appointed Clive Elphick, Martin Turner, Mutaz Qubbaj and Chris Hitchen as trustee members of its reshaped board.
Most people want to avoid investing in projects that contribute to climate change, and would consider moving to another less-exposed provider, according to a survey commissioned by ClientEarth.