IMA rejects claims pension fund managers 'hide' trading costs

Wealth management firm SCM Private claimed on Monday that assets are held for just nine months on average in pension funds before being traded for little gain to the consumer. The cost associated with this trading is £3.1bn across the industry, SCM said, and is not disclosed in either the annual management charge (AMC) or administration charges shown to investors. However, the IMA has refuted SCM's research, claiming it is based on "unreliable" data and disproved by other studies. "Drawing conclusions from raw turnover data is notoriously unreliable, since turnover arises for many ...