• Home
  • About
  • Subscribe
  • LATIF
  • Conferences
  • Dashboard
  • Edit My Profile
  • Log In
  • Logout
  • Register
  • Edit this post

Room 151

  • 151 BRIEF

    What's New?

  • £400bn pension group collaborates on climate transition initiative

    May 17, 2022

  • CIPFA rejects proposal for vote on publication of fraud hub report

    May 17, 2022

  • John Turnbull elected president of the SLT

    May 12, 2022

  • Pension pool identifies biodiversity as a priority

    May 11, 2022

  • TfL latest to face credit-rating downgrade by Moody’s

    May 10, 2022

  • Government proposes ‘fairer, more accurate’ business rates system

    May 10, 2022

  • Treasury
  • Technical
  • Funding
  • Resources
  • LGPS
  • Development
  • 151 News
  • Blogs
    • David Green
    • Agent 151
    • Dan Bates
    • Richard Harbord
    • Stephen Sheen
    • James Bevan
    • Steve Bishop
    • Cllr John Clancy
    • David Crum
    • Graham Liddell
    • Ian O’Donnell
    • Jackie Shute
  • Interviews
  • Briefs

LGPS fee transparency initiative captures third of market

0
  • by Colin Marrs
  • in LGPS
  • — 16 Aug, 2017

Photo by Pixabay

A new code of transparency for the Local Government Pension Scheme has already been signed by 14 asset managers. The code was announced in May by the Local Government Pension Scheme Advisory Board (LGPS SAB) to encourage a move toward investment fee transparency and consistency.

The announcement of the 14 signatories – representing around a third of assets in the LGPS – comes after the Financial Conduct Authority announced that it is to undertake work on disclosure rules covering the wider asset management industry.
The list of managers signed up to the LGPS transparency code include Legal & General Investment Management, Baillie Gifford and Capital International.
It also includes LPP Investments, a subsidiary of the Local Pensions Partnership, an LGPS pool created by Lancashire County Pension Fund and London Pensions Fund Authority.

Speaking to Room151, a spokesperson for the pool said: “LPP fully supports the aims and processes the code promotes in respect of transparency of investment management costs. LPP’s heritage is LGPS, our clients are LGPS. We fully support greater transparency and disclosure of costs.”

The LGPS SAB is understood to be forming a working group to procure a third party to check compliance and potentially provide aggregation and analysis services for pools.
Liam Robson, pensions analyst at the Local Government Association, told Room151: “The third party will be there to check the LGPS code is working.  They will be checking for consistency and compliance.”
In addition, the board is working on a template to cover alternative asset classes.
The code is voluntary and signatories have a year’s grace to begin reporting in the format required by the board.

In a separate move, the FCA has appointed Dr Chris Sier to chair a working group of industry and investor representatives to work on a template for disclosure of costs and charges across the wider asset management industry.
Sier worked on developing the LGPS code, and it is hoped that the FCA code will dovetail neatly with what is already in place.
The first meeting of the FCA group is scheduled for next month, and the FCA hopes that agreement will be reached by the end of the year on a standardised disclosure template for mainstream asset managers, “building on the work already done by the Investment Association, LGPS and others”.
A statement from the FCA said: “Dr Sier will assemble the working group shortly, which will include a range of industry and investor representatives, and will seek views from other stakeholders as part of their work.”
The group will later consider disclosure for non-mainstream asset managers.

Register for the Room151 LGPS Quarterly Briefing

Share

You may also like...

  • LGPS annual report: Little drama but investment costs at £1.29bn 21st Jul, 2021
  • Room151 Roundtable: LGPS Valuations and Risk 2022 2nd Dec, 2021
  • LGPS investing: how impact funds can contribute to net-zero ambitions 15th Feb, 2022
  • LGPS seeking clarity on levelling up agenda and pension pooling 17th Mar, 2022

Leave a Reply Cancel reply

You must be logged in to post a comment.

  • Register to become a Room151 user

  • Latest tweets

    Room151 11 hours ago

    More evidence of the importance of emerging markets in the journey to net-zero. @BordertoCoast @BrunelPP @northernlgps @EAPensionFund @WYPF_LGPS Click the link below to read 🔻🔻 #LGPS #NetZero #NetZeroCarbon #EmergingMarkets room151.co.uk/brief/400bn-pe… pic.twitter.com/qCm0EGxzLn

    Room151 5 days ago

    ‘Urgent consultation’ issued in response to continuing audit delays: CIPFA and the Local Authority Scotland Accounts Advisory Committee (LASAAC) have announced another “urgent consultation” to consider proposals to address the latest issue that has led… dlvr.it/SQJ0kV pic.twitter.com/s6vw0bnGXO

    Room151 5 days ago

    Bags of capacity – now to housing delivery: HRAs have been freed up and councils are starting to invest, but some remain cautious, writes Steve Partridge. He suggests that a minimum of £10bn of additional borrowing could be[...] dlvr.it/SQDvxk pic.twitter.com/yZmoWzHv6U

    Room151 5 days ago

    Bags of capacity – now to housing delivery room151.co.uk/treasury/bags-…

    Room151 6 days ago

    To Michael Gove: a modest proposal: Conrad Hall has written an open letter to the levelling up secretary suggesting an unusual (and tongue-in-cheek) proposal to help councils predict next year’s government grant. Dear Secretary of State,[...] dlvr.it/SQ9GpX pic.twitter.com/mSX1xgeL8a

    Room151 7 days ago

    Queen’s Speech: an ambitious plan hampered by omissions: Richard Harbord examines the impact of the government’s legislative proposals on councils, and concludes that local authorities expect and need more from central government. However you view the… dlvr.it/SQ8hmP pic.twitter.com/BsnziyNPIO

    Room151 1 week ago

    Insights and inspiration from LGPS leaders past and present: Four current and former LGPS leaders have recently given powerful and insightful interviews as part of the Fiftyfaces podcast, which showcases inspiring investors and their stories. Hosted by… dlvr.it/SQ53lC pic.twitter.com/IRYMFPxdA2

  • Categories

    • 151 News
    • Agent 151
    • Audit
    • Blogs
    • Business rates
    • Chris Buss
    • Cllr John Clancy
    • Council tax
    • Dan Bates
    • David Crum
    • David Green
    • Development
    • Education
    • Forum
    • Funding
    • Governance
    • Graham Liddell
    • Housing
    • Ian O'Donnell
    • Infrastructure
    • Interviews
    • Jackie Shute
    • James Bevan
    • Jobs
    • Levelling up
    • LGPS
    • Mark Finnegan
    • Net Zero
    • Private markets
    • Recent Posts
    • Regulation
    • Resources
    • Responsible investing
    • Richard Harbord
    • Risk management
    • Social care
    • Stephen Fitzgerald
    • Stephen Sheen
    • Steve Bishop
    • Technical
    • Transport
    • Treasury
    • Uncategorized
    • William Bourne
  • Archives

    • 2022
    • 2021
    • 2020
    • 2019
    • 2018
    • 2017
    • 2016
    • 2015
    • 2014
    • 2013
    • 2012
    • 2011
  • Previous story Dealing with the in-year budget challenge: a risk based approach
  • Next story DMO investments double as short-term yields fall

© Copyright 2022 Room 151. Typegrid Theme by WPBandit.

0 shares