UK - Global investment services firm Frank Russell has given its green light to the final form of the Myners' code.
The firm said that the code proposes a sensible set of standards which should ultimately lead to improved management of pension funds.
Bob Collie, consulting director at Frank Russell, commented: This final version of the code has some small but important changes reflecting the consultation process - but the substantive core remains in place.
“If the industry is able to meet the challenge laid down here, it will lead to a more professional and business-like environment across the board.
Commenting on the points raised regarding trading costs, Adrian Jackson, director of transaction services at Russell, added: Myners has suggested ten questions for trustees to ask their fund managers about the costs they incur during trading.
“They also need to ask themselves whether a commission recapture programme could reclaim some of those costs.
Jackson also observed that manager transitions and foreign exhange dealings are two areas where lack of attention by trustees seems to lead to high costs.
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