The Local Government Pension Scheme (LGPS) has introduced a new framework to measure investment performance and costs, and has awarded mandates to seven providers.
The move is in response to requirements for better monitoring of costs and charges, and assessment of investment performance in the new pooled structures.
The framework is separated into three sections with one or more firms put to work on each section via open tender.
These sections measure the performance of individual fund managers, single funds and overall management charges at the fund level.
National LGPS frameworks operations and development manager Nigel Keogh said: "This framework is designed to help LGPS funds find out the true cost of managing assets, particularly through the third section of the framework.
"The framework is designed to be used by individual LGPS funds or the pools they are part of. We look forward to launching the formal framework in the next few days."
KAS Bank has been appointed to measure the performance of individual fund managers alongside Mercer, Northern Trust, Ortec Finance and Portfolio Evaluation.
KAS Bank managing director for the UK branch Pat Sharman said: "We are very proud to have been chosen to be a trusted service provider for the LGPS."
Meanwhile Pensions & Investment Research Consultants (PIRC) will provide a service where one LGPS fund can be assessed against others, both individually and collectively. They replaced State Street Global Advisors/WM which ended this service in March 2016.
CEM Benchmarking won the tender to work on the part of the framework that measures all costs at the fund level. The tender ran from the fourth quarter of last year to the first quarter of 2017.
The LGPS funds have been seeking more transparency on investment costs, with the Scheme Advisory Board's voluntary code of transparency for asset managers due to come out soon.
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