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Dutch schemes fail to push management fees below 0.5% threshold
Management fees totalled €4.9bn, an increase of 22% compared to 2015. This is because fees tend to be calculated as a percentage of total assets.According to Johan van Soest, senior consultant at LCP, the main reason for the increase in fees was, however, an increase in performance fees.“We’ve noticed pension funds have been able to negotiate much better contract terms with their asset managers in recent years,” he said. “Still, these lower base fees do not compensate fully for an increase in performance fees.”Bpf Bouw, for example, recently reported it had managed to reduce fees paid to hedge fund managers from €37.9m to €30.8m. However, at the same time the fund said it had seen a €6m increase in performance fees since 2013. Large Dutch pension funds have not been able to push their investment management fees to below the 0.5% threshold, even though their assets under management increased by 28% in the past five years.Consultancy LCP looked at total management fees as a percentage of total assets for the seven largest occupational funds – ABP, PFZW, PMT, PME, BpfBouw, Vervoer and PGB – and three large company pension funds (Philips, Rabobank and Shell). Together, these funds administer two thirds of all Dutch pension assets.The average management fees the funds paid in 2019 totalled 0.51%, excluding transaction costs. This is only two basis points less than in 2015, though total assets under management of the 10 funds increased from €763bn to €973bn in 2019 (+28%).Including transaction costs of 0.09%, investment management fees totalled 0.6%, or €6.3bn. This compares to 0.61% in 2015.
Most support child over gay rights: poll
9News 25 June 2015Australians support the right of a child to have a mother and a father over the right of same-sex couples to get married, an opinion poll indicates.The Galaxy poll of 1200 Australians, commissioned by the Australian Marriage Forum, found three out of four respondents agreed society should try to ensure children are raised by their own mother and father.Almost 50 per cent said it was more important for a child to have a mother and a father than the right for two men to marry and create a family, while 30 per cent agreed both were equally important.Almost 20 per cent said the right of men to marry each other was more important.Forum president David van Gend told reporters in Canberra on Thursday that Australians needed to understand that legalising same-sex marriage would violate the birth right of children to have both a mother and a father.“You cannot have both,” he said.http://www.9news.com.au/national/2015/06/25/11/08/aust-supports-child-over-gay-rights-poll
NYU prof. explores language
January 26, 2021
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