The UK’s Local Government Pension Scheme (LGPS) is to develop a system to compare the fees and expenses of investment managers that manage money for the sector.
The LGPS scheme advisory board has selected Byhiras, a technology provider, to develop the platform, which is intended to ensure that asset managers comply with the LGPS cost transparency code, launched in 2017.
Byhiras will hold the contract for at least five years and was chosen partly because the system would be free from conflict, unlike a system developed by an asset manager.
Councillor Robert Phillips, chair of the advisory board, said: “Not only will we be able to evidence that signatories are complying with the code and take action if they do not, but LGPS funds will benefit from a range or reporting tools which enable them to make best use of the cost and performance data provided.”
Over 100 managers have signed up to the LGPS code.
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