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Byhiras goes live with cost transparency compliance and validation system for UK LGPS Scehem Advisory Board

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Byhiras has successfully delivered its new cost transparency compliance system on schedule for the UK Local Government Pension Sheme (LGPS) Scheme Advisory Board (SAB) and all UK LGPS pension funds and pools have now been on-boarded.The system developed by Byhiras validates and aggregates data about fees and expenses disclosed by asset managers to LGPS pension funds and enables the reporting and comparison of investment costs. Byhiras completed the roll-out of this system in Q1 2020 following a six-month programme of roadshows and comprehensive testing.

 
The SAB announced in September 2019 that it had selected Byhiras, which delivers transparency and governance solutions for the investment management industry, to develop a platform that will ensure that asset managers comply with the LGPS Code of Transparency. The code was launched in 2017 and paved the way for the industry-wide Cost Transparency Initiative (CTI), which was co-founded by the SAB to develop cost reporting standards for all UK institutional investors. To date, over 130 asset managers have signed the code, representing an estimated 80 per cent of LGPS assets under management.
 
Cllr Roger Phillips, SAB Chair, says: “Although the focus of local authorities is understandably and rightly elsewhere at this time, we are nevertheless delighted that Byhiras has delivered this solution which takes the LGPS Code of Transparency to the next level. It is especially important in the challenging market situation we currently face that the LGPS is able to demonstrate the value provided by its investments. Thanks to this system developed for the SAB by Byhiras, the LGPS will benefit from a range of compliance and reporting tools which enable the SAB to ensure the requirements of the code are being met and enable LGPS authorities to make best use of the cost and performance data provided.”
 
Sam Lusty, CEO and Founder of Byhiras, says: “These uncertain times underline how vital it is for investors to have full visibility of the risks, costs and exposures of their underlying investments. The almost unprecedented volatility we are seeing in markets means it has never been more important for data to be available throughout the entire investment management supply chain. The implementation of the SAB system provides each LGPS fund and pool with access to information on costs from different investment managers through a single service for the first time, helping them to deliver cost savings and improve investment outcomes.”
 
 

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