UK - Schemes and fund managers have agreed a new model contract - but only after a controversial clause aimed at limiting liabilities was removed.
The Investment Management Association and the National Association of Pension Funds have been locked in discussions over the contract since October.
But talks stalled because fund managers wanted to include a clause that would have limited their liabilities and prevented another Merrill Lynch/Unilever courtroom battle.
The two sides have now decided the contract should be released – minus the controversial clause. Instead, it has been agreed that liability limits will be discussed when contract talks arise.
IMA chief executive Richard Saunders said: “The key thing is that we are now ready to start to promulgate some new model terms. This will contain first, a reference to the pension fund transaction cost disclosure code and second, a reference to the ISC statement on share holder activism. Both are now in the model terms.”
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