Tag: 全国mm信息聚凤阁

Teething problems to delay transaction cost reporting for DC schemes

first_imgTrustees of UK defined contribution (DC) schemes are unlikely to receive complete transaction cost information from their managers and providers in time for March 2018 year-end statements, according to a survey.Consultancy LCP surveyed 20 DC asset managers and five of the largest DC pension providers, and found that 56% of respondents were unlikely to be able to provide a full year of transaction costs in time for the information to be included in the next round of scheme statements.The situation would improve with time, LCP said, with over half of those surveyed indicating that they would be in a position to provide members with transaction costs for the whole year by the time required chair statements for the June year-end were due.In January regulation came into effect that, for the first time, required all asset managers to provide transaction costs in a standardised format to UK DC scheme trustees on request. The legislation was introduced by the Financial Conduct Authority (FCA) at short notice, and LCP noted that fund managers were experiencing initial problems in reporting as some data elements that were now required had not previously been monitored. In some cases managers had been forced to rebuild internal systems inside a year, LCP said.The consultancy said investment managers’ first priority was to provide transaction costs covering the first quarter of this year, and that prorating the costs would allow schemes to provide members with a proxy annual cost figure.“Longer term, the news is more positive,” said Laura Myers, LCP partner and head of DC, “with managers and providers seemingly confident that transaction cost information will be available and in a format that can be understood by all involved in running and saving into DC pensions”.“In light of the intentions of the FCA’s regulation in the first place, that appears to be a productive step forward,” she added.Illiquid assets, DGFs proving problematicHowever, the consultancy noted there could be a “major stumbling block” in providing DC scheme members with a comprehensive comparison of fund transaction costs.Almost half of survey respondents indicated envisaging problems in reporting transaction costs for some asset classes in a timely fashion, with illiquid asset classes such as property – and consequently some diversified growth funds (DGFs) – being the most problematic.Although the majority of DC savers are in default investment strategies, the requirement of managers to disclose transaction cost data also applies to asset classes traditionally offered as self-select options.The consultancy also noted that DGFs were a “fundamentally important asset class” for DC, and that it would be key for many schemes to have complete cost data for them.Any problems in providing transaction cost data for the broad range of illiquid assets, meanwhile, could affect their further adoption by DC schemes, LCP said.The consultancy’s survey found that four-fifths of providers have, or would shortly have, internal checks for reasonableness of transaction costs in place.“This is encouraging for trustees who rely on their providers as an aggregator and checker of this information,” said LCP.last_img read more

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USC football promotes two coaches

first_imgOver the weekend, USC football head coach Clay Helton filled two coaching vacancies. He named Bryan Ellis the team’s new quarterbacks coach, while former Trojan receiver Keary Colbert will oversee the tight ends and inside receivers. Ellis replaces Tyson Helton, Clay Helton’s younger brother who left USC in December to become the offensive coordinator and quarterback coach for the University of Tennessee.Bryan Ellis will replace Tyson Helton as the Trojans’ quarterback coach. He will have to develop a QB to replace Sam Darnold. Emily Smith | Daily TrojanEllis, 29, enjoyed a successful career as a quarterback at the University of Alabama- Birmingham under the leadership of current USC offensive line coach Neil Callaway. Before joining USC as an offensive quality control assistant in 2017, Ellis was the wide receiver coach and passing game coordinator for Western Kentucky. The new quarterback coach received his first taste of the role at the Cotton Bowl. In that game, redshirt sophomore quarterback Sam Darnold threw for 356 yards but struggled to hold onto the football. He threw an interception and fumbled twice in the 7-24 loss to Ohio State. One of Ellis’ first duties will be to help determine Darnold’s successor, following the starting quarterback’s decision to declare for the NFL Draft. Redshirt freshman Matt Fink, freshman Jack Sears and incoming five-star recruit J.T. Daniels are all expected to be contenders for the position. Colbert, like Ellis, also worked as an offensive quality control assistant at USC in 2017 and 2016. His previous coaching experience includes stints as an offensive analyst at Alabama from 2014-15, and as a wide receiver coach for Georgia State in 2013. A starter when as an undergraduate at USC from 2000 to 2003, Colbert enjoyed a tremendous college football career. He ranks seventh in USC school history receiving with 2,964 yards, after recording two consecutive 1,000-yard seasons in 2002 and 2003. Colbert was drafted by the Carolina Panthers in the second round of the 2004 NFL Draft. He finished his professional career with 1,629 yards and eight touchdowns. “We are very excited to promote Bryan Ellis and Keary Colbert,” Helton said in a press release. “I have been extremely impressed with both individuals over their time here at USC. Their knowledge of the game, ability to develop relationships with our current players and talent to recruit top athletes will be a tremendous asset to our program. These are two young stars in our profession and we are proud that they are part of the Trojan Family.”last_img read more

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