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Cost Transparency Initiative

Background

 

As we have covered in our newsletters, the Cost Transparency Initiative (CTI) was launched in November 2018 - it is an independent group supported by the Pensions and Lifetime Savings Association (PLSA), the Local Government Pension Scheme Advisory Board and the Investment Association (IA). It is a new industry standard for institutional investment cost data. This built on the recommendations of the Institutional Disclosure Working Group (IDWG) which had been established by the FCA. It was disbanded after delivering its final report to the FCA, after which the role was handed on to the CTI.

 

The templates

 

The CTI has created a set of templates and tools which together form a framework investors can use to receive standardised cost and charges information from asset managers.

 

Following input via the CTI Technical Expert Panel (see below), there are now two templates that are suitable for reporting by real estate investment managers for funds and separate accounts, both of which include property level data:

The Main Account Template, which is suitable for open-ended funds, separate accounts and other long-term management arrangements;

The Private Markets Sub-template which is suitable for managers of closed-ended private equity, private debt and real estate funds.

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