| M1 |
Investment Management
Costs |
Private disclosure
|
- Identify gaps in total investment cost capture and reporting
- Report total fund and asset class:
- Base management fees gross of offsets
- Performance fees on either an accrual or paid basis
- Underlying base fees
- Attribute all internal asset management costs to asset classes
- Report costs by implementation style (e.g., internal/external, passive/active,
etc.)
- Estimate missing asset management costs
- Report within three months of your year-end
|
- Everything in Release 1
- Report:
- Underlying performance fees on either an accrual or paid basis
- Explicit transaction costs
- Estimate missing transaction costs
|
- Everything in Release 2
- Report:
- All non-invoiced asset management and transaction costs incurred inside
investment
vehicles
- Performance fees on an accrued basis
- All underlying costs
- Implicit bid/ask spreads for fixed income
|
|
|
Public
disclosure |
- Disclose total fund and asset class asset management costs and transaction costs
(as a % of
assets)
- Disclose total fund internal operating expenses, base fees, and performance fees
- Report prior year costs
- Explain whether reported costs comply with the above
- Disclose estimates and the basis of estimates
|
- Everything in Release 1
- NB: Explain whether reported costs comply with the above
|
- Everything in Release 2
- NB: Explain whether reported costs comply with the above
|
| M2 |
Pension Administration
Costs |
Private disclosure
|
- Report total pension administration costs (per active member and annuitant)
- Provide a breakdown of material administration costs
- Report within three months of your year-end
|
Not
necessary |
Not
necessary |
|
|
Public
disclosure |
- Same as private disclosure (above)
- Report prior year costs
|
Not
necessary |
Not
necessary |