Australia's Pension Funds Play Hardball on Asset Management Fees [BNN Bloomberg (Canada)]
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Company Research
Source: BNN Bloomberg
A survey of 11 pensions revealed they paid almost 12 basis points — or about a fifth — less than their global peers in investment costs in the year through June 2023, according to analysis firm CEM Benchmarking. That saved those funds a combined A$1.1 billion, as pensions come under increasing pressure to cut charges for their members in the country's highly competitive market. “They have become tough negotiators,” Mike Heale, CEM's Toronto-based head of business development, said in an interview. “Some managers now are not very keen on being in Australia or quoting on Australian business because you know that there's fee compression.” The report surveyed a group of unnamed pensions with a median total assets under management of A$72 billion, and compared the cohort with global peers. It showed that Australian funds paid an average investment cost of 43.6 basis points, compared with 55.5 basis points by global funds, when accounting for scale and asset mix. The discount was far l
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MUFG
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- 6/12/24 - Form 6-K
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- 5/29/24 - Form 6-K
- MUFG's page on the SEC website