Fund managers Baillie Gifford and Montanaro have committed to a cost transparency code issued by the UK’s local authority pensions sector.
The two firms have signed a voluntary code published by the Local Authority Pension Scheme (LGPS) in the UK. Pension schemes in the LGPS have £217 billion (€250 billion) of assets under management.
BlackRock has also stated its intent to sign the code, along with “a number of other managers”, the LGPS Advisory Board said.
Asset managers who sign up to the code of transparency will be listed on the board’s website and are able to use the code logo on their marketing literature.
Councillor Roger Phillips, chair of the board, said: “The board is very pleased with the response from the asset management industry to the voluntary Code. Both Baillie Gifford and Montanaro have already signed up, and a number of other managers, including Blackrock, have stated their intent to follow suit.
“We look forward to further engagement with asset managers and welcome their continued commitment to the scheme and their clients.”
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