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UK fund managers publish cost transparency proposal

first_imgThe UK’s Investment Association (IA) has proposed a new cost disclosure framework, including transaction costs and securities lending revenues.In a consultation published today, the fund management trade body presented a “common data engine” to provide a measure of asset management costs to multiple stakeholders and regulatory bodies.The proposal comes as the fund management sector faces intense scrutiny of management costs and transparency regarding expenses incurred in portfolio management.The IA has put forward templates for disclosure of costs and “contextual information” – including performance, trading volumes, and turnover – for pooled funds and segregated mandates. The proposals are designed to comply with current UK disclosure rules, as well as impending new regulations such as MIFID II, which will require greater transparency regarding investment research.They also take into account UK rules related to defined contribution pension scheme charges, and the requirements of local government pension schemes, the IA said.#*#*Show Fullscreen*#*# The Investment Association’s cost disclosure template for pooled fundsThe trade body added that the proposals would “adapt as necessary” to the outcomes of the FCA’s asset management market study. In last year’s interim report, the UK regulator criticised “weak” competition on price and a lack of transparency across the sector. The FCA’s final report is due out later this year.Jonathan Lipkin, director of public policy at the IA, said: “The new code provides for the first time a common framework for enhanced disclosure across investment products and services. It is a major opportunity to consistently define and provide data on charges and transaction costs.”He added that the IA would seek “regulatory recognition” for its code within the regulator’s rulebook, known as the Conduct of Business Sourcebook.The IA is seeking responses by 19 May 2017 with a view to publishing its full proposal in Q3 2017.The IA’s paper can be accessed here.center_img The Investment Association’s cost disclosure template for segregated mandates#*#*Show Fullscreen*#*#last_img read more


Cairn makes oil discovery in Krishna-Godavari Basin

first_imgCairn India has made an oil discovery in the Krishna-Godavari Basin located off the East Coast of India.The news of the discovery was shared on Wednesday by Cairn’s parent company, Vedanta Limited.Vedanta said that the oil discovery was made in the second exploratory well H2, located in the block KG-OSN-2009/3, in the Krishna-Godavari Basin.Vedanta Limited holds a 100% participating interest in the block.According to Vedanta, multiple reservoir zones were encountered in the well H2 within the Mesozoic sequence between the depths of 3310m to 4026m with hydrocarbon indications during drilling and down hole logging. The zone from 3403m to 3431m was tested through conventional well testing (Drill Stem Test) and flowed oil to surface.The company noted that further appraisal would be required to establish the size and commerciality of the oil discovery in the Mesozoic sequence.As previously reported, the first exploration well A3-2 drilled in the block was a gas discovery.Evaluations are ongoing based on the results of the first well A3-2 and the second well H2 to finalize the forward program.last_img read more


Premier League Preview Show

first_imgTom Rennie is joined by the former Manchester City captain, Steve Lomas, and the former Leicester City winger, Darren Eadie, to look ahead to a meeting of the Premier League’s top two this weekend.Can the Foxes pull off yet another shock result? Will City be able to re-take top spot?Elsewhere, the former Charlton and West Brom goalkeeper and current Norwich City goalkeeping coach, Dean Kiely, looks ahead to the rest of the weekend.Matches include Chelsea v Manchester United, Aston Villa v Norwich City & Tottenham v Watford.Former Arsenal winger & Premier League tactician Adrian Clarke picks his ‘three to watch’ and Jamie Peterkin from W-VENT St Lucia (one of talkSPORT’s Global Audio Partners) plays the Predictor Game ‘Tom against the World’.last_img