ClearGlass, the independent technology and analysis company that is making full cost transparency a reality, is pleased to announce the next ‘exceptional transparency’ asset managers to be added to a list that already includes Baillie Gifford, Legal & General Investment Management, Majedie Asset Management and MFS Investment Management.
These new managers, which include private markets and non-domestic managers, are Adam Street Partners, New Forests, Partners Group, PIMCO, Sands Capital Management and T. Rowe Price International Ltd.
Each has distinguished itself in unique and outstanding ways:
- Adam Street Partners, a global private markets investment manager, has until now supplied fee data using the ILPA (International Limited Partners Association) private equity template. Recently, Adam Street mapped its ILPA-compliant data to the CTI (Cost Transparency Initiative) Private Equity template in order to supply data to ClearGlass. This should become the model for all managers already providing ILPA-level data.
- New Forests is a sustainable real-assets investment manager and, in keeping with its strong ESG credentials, supplied data in less than seven days from initial request using the newly-released CTI templates. Additionally, from Australia and therefore not subject to the same standards felt by domestic managers, New Forests has clearly demonstrated its desire to meet client requests.
- Partners Group has supplied data using the CTI Private Equity template, released only 3 weeks ago. ClearGlass being able to accept, process and analyse data using this new format was a pre-condition of Partners Group supplying the data so quickly. Partners Group is a global private markets investment manager investing predominantly in illiquid asset on behalf of its clients, and its ability and willingness to provide data using the new template distinguishes it from even the majority of managers managing liquid assets.
- PIMCO has assigned a single dedicated relationship manager to handle all requests from ClearGlass. This single dedicated point of contact has significantly reduced the lead-time between data request and data submission.
- Sands Capital Management has also allocated a dedicated relationship manager to deal with data requests via ClearGlass and is not based in the UK, demonstrating a strong desire to meet the needs of its clients despite not being subject to the transparency precedent in the UK.
- T. Rowe Price International Ltd. has opted for the maximum level of granularity on all submissions, a unique step. One of the tenets of the IDWG was that managers should gain credit for willingness to give data not just to the minimum requirements, but for full and complete transparency. By supplying non-compulsory data, T. Rowe Price meets and exceeds the expected standards.
The full list of exceptional managers now stands at:
- Adam Street Partners
- Baillie Gifford
- Legal & General Investment Management
- Majedie Asset Management
- New Forests
- Partners Group
- Sands Capital Management
- T. Rowe Price International Ltd.
Radha Kuppalli, Executive Director, Investor Services at New Forests said, “Transparency and accountability with our clients and stakeholders is a core value of New Forests so we are delighted to be included as an exceptionally transparent asset manager by ClearGlass. We aim to provide our clients with timely and robust information to support their interests and support long-term, productive investment relationships. We look forward to continue working on reporting with ClearGlass.”
Chris Sier, ClearGlass Chairman said, “The fact that these managers started their transitions long before the templates were formally released shows outstanding vision, as well as a clear desire to do the right things for clients irrespective of the prevailing regulatory environment.
“At ClearGlass we measure success in how quickly we can obtain data from asset managers. All of the managers on this list have significantly reduced the lead-time to get data as a result of their firm-wide stances on transparency. What is becoming apparent is that culture within a manager has a significant role to play when it comes to being transparent. Consequently, if transparency and client service are important selection criteria for the provision of asset management services, these managers are a very good starting point for any shortlist.”