Fees & Costs – Page 35
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Special Report
Fees: Just rewards
Unfairness, high levels, perverse incentives: fees are always guaranteed to raise temperatures. Martin Steward considers some imaginative proposals for alignment of interests
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Special Report
Fees: The big issue
Size definitely affects active management risks and returns, writes Matthew Craig. But the relationship is by no means a simple one
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Special Report
Fees: Beta-zero fees
Bernd Scherer tells Martin Steward that asset managers should take a good look at – and possibly hedge – the market risk embedded in their fees. How might that change the relationship with clients?
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NewsPolish PM attacks pension funds on fees, performance
POLAND – Donald Tusk, Poland's prime minister, has demanded that second-pillar pension funds in his country cut costs and ensure higher pension benefits.
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News
Lothian moves more equities in-house to make efficiency savings
UK – The £3.2bn (€3.9bn) Lothian Pension Fund has reduced its equity managers by four as it starts to increase the in-house management of its assets as part of its revised investment strategy and to save almost £1m in external management fees.
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News
Government should focus on current pension costs, says Towers Watson
UK – The government should be focusing on how much pension promises being made today are worth rather than the increasing cost of past pension promises, Towers Watson has warned.
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News
UK RDR changes may deter pension saving
UK – Changes to UK regulation forcing employees to pay for advice and management costs upfront rather than by commission could lead them to opt-out of pension saving once auto-enrolment is introduced, Creative Benefit Solutions has warned.
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News
Dutch DC providers still fail on cost transparency – AFM
NETHERLANDS – Insurers still do not provide sufficient clarity about the costs they charge on defined contribution (DC) arrangements, causing overly high retirement expectations among members, according to the Netherlands Authority for the Financial Markets (AFM).
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News
Swiss Gemini fund wins fees battle
SWITZERLAND – The CHF2.3bn (€1.6bn) Swiss Gemini multi-employer fund is set to receive CHF6.4m in compensation following a three-year legal battle with an affiliate that withheld fees payable to the scheme.
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News
NEST combination charge includes 2% for set-up
UK – The expected charging structure for the National Employment Savings Trust (NEST) will be a combined charge of a 0.3% annual management charge (AMC) and an admin contribution charge of 2% that may fall away once the set-up costs of the scheme have been recovered.
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NewsUK gov't studies DC charging levels
UK – Trust-based UK defined contribution (DC) schemes operate on an overall average cost of just over 2% based on contributions, or 1.23% if the charge is based on the size of the fund, according to a government report.
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News
IMF wants higher fees in Romanian second pillar
ROMANIA – The IMF has made a list of reforms it wants to see in the mandatory Romanian second pillar, including higher fees, but some of the demands are unnecessary, according to experts at the pension fund association, APAPR.
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News
Performance fees lift Allianz GI's growth
GLOBAL - A fivefold increase in performance fees helped to boost Allianz Global Investors’ revenue growth by 28% in 2009, and raise its total revenue to €3.599bn last year.
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News
SAM to offer 'sustainable' fees
[15:15 CET 27-01] GLOBAL - A new fee structure for institutional asset owners and their managers has been launched by Swiss-based Sustainable Asset Management, in a bid to align the long-term interests of the two parties.
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Opinion Pieces
Fund fees challenged
Mutual funds managed $1.8trn (€1.2trn), or 48%, of assets in 401(k) and other defined contribution plans in the US as of end-June 2009. Annual management fees earned were more than $10bn but these are now at risk of being cut because of two pending legal decisions. One will be made by the Supreme Court on a case about how much money-management firms can charge. The other one will be made in Congress. The House education and labour committee has already approved the 401(k) Fair Disclosure and Pension Security Act, while the Senate special committee on ageing has its own legislation.
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News
VB to tackle pension cost misconceptions
[16:00 CEST 21-10] NETHERLANDS – VB, the representative body for Dutch industry-wide pension funds, said it will step up its efforts to explain the true value of collective pension arrangements after a survey revealed consumers think costs are much higher than in reality.
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News
Pensions can be delivered at 12% cost - think-tank
[17:00 CEST 22-09] UK – The pensions threshold within which personal accounts holders can save should be raised beyond the current £3,600 proposed by the government, but doing so might be beneficial to policyholders as evidence suggests pensions can be delivered for a total charge of 0.5%, according to a study conducted a policy think-tank.
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News
Court strengthens insurance-based pension terms
[17:05 CEST 17-09] GERMANY – A German court has ruled that charging upfront fees related to setting up a life insurance contract for corporate pensions is only partly within the legal framework for occupational pensions.
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News
75% of fund managers expect fall in active fees
[17:45 CEST 14-09] GLOBAL - Three-quarters of fund managers expect the fees for active asset management to reduce this year, according to a survey conducted by Skandia Investment Group (SIG).
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IP Asia
The big squeeze on active fees
After months watching the global financial crisis, Australian superannuation funds are starting to respond in ways which will have significant implications for the structure of the industry.
