UK - The £5.6bn Greater Manchester Pension Fund admits it needs to improve transaction fee monitoring and create more explicit mandates for internal managers.
Both areas were highlighted by the Myners Report and are part of the Chartered Institute of Public Finance and Accountancy’s investment guidelines.
Head of pensions Peter Morris said: “We have very detailed mandates with our external fund managers, but the level of detail with our internal managers is not quite at the same level.
“There is also an expectation that we could do more on monitoring the control of transaction costs than what we currently do.”
The fund currently uses three external multi-asset fund managers – Legal & General Investment Management, UBS Global Asset Management and Capital International – as well as holding internal mandates for asset classes such as property.
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