UK - A new disclosure code on trading costs for fund managers is to be developed jointly by the National Association of Pension Funds (NAPF) and the Fund Managers' Association (FMA).
The code will build on ten sample questions - devised by Paul Myners, who led the Government’s review of institutional investment - for pension scheme trustees to ask their fund managers with regard to commissions and other costs.
Alan Rubenstein, chairman of the NAPF’s investment council, said: “At a time when many in the pensions industry still have concerns about parts of the Myners report, this innovative project will provide a practical framework to help trustees and their fund managers review their trading costs.”
FMA chairman Lindsay Tomlinson said: “The FMA believes that there is a need to improve transparency in trading costs.
“We hope that this initiative will achieve an industry-wide standard whilst not prescribing an onerous disclosure regime.”
By Janet Du Chenne
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