State funds demand more detail on returns, fees

Sovereign investors such as Australia’s Future Fund are leading a wave of asset owners pushing asset managers to provide more disclosure of equity performance drivers and fees, as market-outperforming returns continue to decline. “The most sophisticated investors are initiating a lot more discussion around fees and holding managers more accountable for what they are charging,” said Paul Price, global head of distribution at Morgan Stanley Investment Management. “We’re being aske…