Asset managers reject UK pension fund initiative on fees

Over 170 managers have failed to sign up

Over 170 asset managers have rejected an initiative which requires better disclosure of fees UK public pension funds are charged, despite increased regulatory pressure on costs throughout the industry.

The £260bn Local Government Pension Scheme (LGPS), which manages the pensions of 5.6m former and current UK government workers, last year introduced a call for greater transparency in the reporting of equity products. According to the Financial Times, 50 of the 230 asset managers including BlackRock and Schroders have signed up to report in line with the code however, around 75% have not. Franklin Templeton Investments and HSBC Asset Management are among the managers which have not supported the code, although all have said they plan to do so. JP Morgan Asset Management, which comm...