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"
...
when you run a pension
fund you should look after
the pennies so that the
billions look after
themselves
..."
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- Richard Service, Investment
and Governance Manager,
HSBC Bank (UK) Pension Scheme
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A multi-disciplinary fiduciary oversight system that measures the efficiency of the investment processes by calculating both
the actual and hidden costs of every transaction.
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The Electronic Trustee is a programmable, automated, near real-time monitoring,
recording and analysis system that records and analyses investment activity. Providing users with a
comprehensive overview of individual decisions which added and lost value. Simultaneously, the system records
and calculates transaction fees, which includes brokerage, regulator charges,trading
impact, timing and any other related issues.
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It is well documented that investment managers should only make changes to investment
portfolios when the assets they are purchasing are expected to generate higher returns
than those they are selling, or when selling is necessitated by cash-flow, regulatory or
other constraints.
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Liability of members of a board (“trustees”)
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The members of a board owe certain fiduciary duties and
other statutory duties to the fund and the members of the
fund. If they do not fulfil these duties they may be liable
in their personal capacities for any loss or damage caused
by their conduct. In terms of the Financial Institutions
(Protection of Funds) Act, 2001.
- Pension World, September 2003
See 7C & 7D of Pension Fund Act 1956
In a recent ruling (15/03/2005) the Pension Funds Adjudicator
reiterates the fact that it is the duty of trustees to take
all reasonable steps to ensure that “ the interests of members
…….are protected at all times ” (section 7c (2) (a) of the Act)
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" Strong fiduciary oversight and
protecting workers' benefits is
our highest priority,"
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- Elaine L. Chao, U.S.
Secretary of Labor, May 18, 2004
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