Wed, 05/03/2014 - 06:35
A total of 51 asset managers have responded to the NAPF’s call for greater transparency by completing a Stewardship Disclosure Framework for their firm since the initiative was launched in October 2013.
These firms represent almost GBP10.5trn of assets under management AUM.
A further six firms have committed to completing the Framework by the end of March 2014, representing a further GBP3trn of AUM.
Completion of the NAPF’s Stewardship Disclosure Framework by these firms will bring the total to 57 asset managers representing almost GBP14trn of AUM.
While a large number of fund managers have signed up to the Stewardship Code many have yet to rise to the challenge set by the NAPF’s Framework of making their stewardship activities more transparent to current and prospective pension fund clients.
The NAPF has identified the 50 largest asset managers by value of AUM that are signatories to the Stewardship Code. At the end of 2012 this universe represented close to GBP19trn of AUM. Of this group, 15 asset managers with AUM approaching GBP4.5trn have so far yet to respond to the NAPF Framework:
BNP Paribas Investment Partners
Cohen & Steers
Nomura Asset Managers
Northern Trust Global Investments
Fidelity Worldwide Investment
Old Mutual Global Investors
Pictet Asset Management
Mitsubishi UFJ Asset Management
Wellington Management Company
Mondrian Investment Partners
William Blair & Company
Morgan Stanley Investment Management
Joanne Segars, chief executive, NAPF, says: “51 asset managers, including 30 of the 50 largest asset management firms that have signed the Stewardship Code, representing nearly GBP10.5trn of assets under management, have completed the NAPF’s Stewardship Disclosure Framework in the four months since it was launched. This is a huge step towards ensuring pension funds can readily understand and compare the stewardship approach taken by investment managers.
“Six other large firms have pledged to complete the NAPF Framework by the end of March and we welcome their commitment, yet a number of signatories of the Stewardship Code have yet to complete a Framework. Inevitably, this raises questions about their willingness to give transparency in this crucial area. With pension schemes like those sponsored by BT, Barclays, British Airways, Marks & Spencer, Nationwide and Whitbread having signed up to the Stewardship Code it is hard to imagine why an asset manager would not want to disclose their stewardship credentials to existing and future clients.”
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