Just 18% of institutional investors feel positive about the service they receive from the asset managers, analysis from independent data platform Insticube finds.
The conclusion comes from analysis of 17,000 reports across 500 asset managers and 700 asset owners, with participants asked to rate the value being delivered by their appointed managers.
The system is used across Europe, and has received endorsements from the Local Government Pension Scheme (LGPS) and Investment Association.
Anonymised feedback is now being provided to the assessed managers, Insticube said, in a bid to improve transparency on the quality of service and value being delivered by the asset managers.
Managing director Carsten Eckert said: "For many years, the focus of the institutional investment industry has largely been on cost alone. But cost is just one part of the story. Value for money is far more nuanced, and a far more serious issue."
Eckert said it was "critical" that assets owners consider beyond the costs that are being incurred by the asset managers, and any value for money metric should be wider than cost transparency.
"[This] should also encompass all key service areas including ESG, risk management and reporting," he continued.
"By providing a platform where asset owners can share intelligence based on comprehensive insights across all aspects of the value chain, and managers can quickly gain perspectives on how their services are being rated, we believe Insticube will encourage improved delivery of value to help institutions meet their long-term investment aims."
Value for money in pension schemes continues to face increasing scrutiny from multiple political and regulatory bodies, including the Work and Pensions Committee, The Pensions Regulator, and the Financial Conduct Authority.
Part of this has seen the launch of templates for the disclosure of costs and charges as schemes begin to expect a holistic overview of the fees levied on pension investments.
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