Where there is a regulation there is a business opportunity. So it is no surprise that Edinburgh-based performance analysts, The WM Company, are pleased that the National Association for Pension Funds has urged trustees to arrange for the performance of fund managers to be measured. The NAPF even said that “trustees should also consider whether they should pay for independent confirmation of manager’s performance figures.” The NAPF has followed the advice of the Myners report into institutional investment, whose recommendations the UK government has said it expects institutional investors to comply with by March 2003, when it will monitor progress made.
“We welcome this endorsement of independent performance measurement and its valuable role in translating the overall principle of transparency into action,” says Peter Warrington, Executive Director of the WM Company. “The actions which NAPF recommend will help Trustees to achieve a clear and objective performance of their fund. Only independent reporting can reassure Trustees that performance measurement and attribution is undertaken consistently across a number of portfolios and that there is appropriate consolidation in multiple portfolios.”
The WM Company is owned by Deutsche Bank.