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Big buzz over Pollen Estate

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Chris Sier appointed to lead UK cost transparency push

first_imgBy the end of this year the regulator intends for the group to have achieved consensus on a standardised cost disclosure template, based on Sier’s work with the LGPS. It will also aim to agree how the template will be used, how accuracy will be ensured, and how it should be adapted in future – including for use with “non-mainstream” asset managers”.“It is a brave appointment by the FCA,” said Con Keating, head of research at insurer Brighton Rock and a fellow transparency campaigner. “It makes a statement that the regulator isn’t going to take any prisoners.“To analyse a manager’s skill, you need data on performance, cost and fees. This will harm inefficient and corrupt managers. In so doing, it will make UK asset management more competitive globally.”Sier’s role as convenor is to bring together interested parties – including the asset managers’ trade body, the Investment Association, which initially fiercely rejected calls for transparency – but he has also done his own work on devising cost transparency frameworks.He recently gained recognition for his work adapting a Dutch disclosure template for use by local government pension schemes (LGPS), which has already shed light on areas of ‘hidden’ charges.The LGPS work was facilitated by Unison, the public-sector trade union, which now expects trade union representatives to be part of Sier’s convened committee.Colin Meech, national officer for Unison, said: “We hope that both Chris and the FCA recognise the role trade unions have played both in the UK and in the Netherlands in delivering greater transparency for pension funds. We ask both Chris as convenor and the FCA to ensure that there is a seat for the Trades Union Congress on the cost transparency committee.”The working group was proposed as part of a raft of recommendations from the FCA to improve the asset management sector, set out in its Asset Management Market Study. The UK regulator has appointed Chris Sier to oversee the new framework for cost transparency across the entire asset management sector.The Financial Conduct Authority (FCA) has tasked Sier – an outspoken campaigner for improved disclosure – with leading a working group that will attempt to achieve a consensus on how to make asset management costs clearer.Sier – a professor at Newcastle University Business School – has campaigned for 10 years in both retail and institutional investment to uncover the charges that impact savers.Announcing Sier’s appointment, the FCA said the working group’s first meeting was slated for September.last_img read more

Mets’ Pete Alonso breaks National League rookie home run record

first_img Braves’ Ronald Acuña pulled from game for not hustling on play He went 3 for 4 on the day and tallied two RBIs.One for the record books.@Pete_Alonso20 now owns the rookie NL record for home runs in a season! ❄️🐻 #LegendaryMoments pic.twitter.com/Jga9CyUVYE— New York Mets (@Mets) August 18, 2019Alsonso, 24, has had an impressive first year with the Mets. He’s slashing .271/.375./.604 and has notched 95 RBIs through his first 123 games with New York. Related News Pete Alonso is etching his name in MLB’s record books.The Mets first baseman hit his 40th home run of 2019 in New York’s 11-5 victory over the Royals on Sunday and broke the National League’s rookie home run record. Alsonso also earned All-Star honors and won the 2019 Home Run Derby.He has been a big part of a Mets team that’s posted a 64-60 record and sits 1 1/2 games back from the National League’s second wild card spot, which is currently held by the Cubs.”This has been such an incredible year, I just want to keep building and helping this team win,” Alonso said after the game. ​center_img Joey Votto injury update: Reds place infielder (back) on 10-day IL Pete Alonso with @JustineBWard as MVP chants rain down:”This has been such an incredible year, I just want to keep building and helping this team win” pic.twitter.com/elSoz9xFxt— SNY (@SNYtv) August 18, 2019The Mets will start a 12-game homestand Tuesday where they will face the Indians, Braves and Cubs.Alonso says the goal is “to win.” If New York does enough of that it could claim a playoff spot sooner rather than later.last_img read more