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				<div class="et_pb_text_inner">Institutional asset owners across the world, encouraged by regulators, are increasingly interested in ‘hidden’ transaction costs – costs incurred in trading securities before returns are calculated.<br />
For Defined Benefit pension plans, every £ taken in cost needs to be recouped through improved performance or put back by members, employers or, in the case of public schemes, taxpayers. In Defined Contribution plans, costs reduce the value of the member’s account with long term retirement implications for the member.<br />
This paper provides highlights from detailed research completed by CEM for its elite ‘Global Leaders’ peer group. The 19 participating pension and sovereign wealth funds in the study have combined assets of over £2 trillion. They include some of the world’s most important and complex institutional investors. The research is based on detailed data supplied confidentially by the Global Leaders group.</div>
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				<a class="et_pb_button et_pb_button_0 et_pb_bg_layout_dark" href="https://20903941.fs1.hubspotusercontent-na1.net/hubfs/20903941/PDFs/Research%20Downloads/Transaction_Cost_Amongst_Large_Asset_Owners_-_Sept_2018.pdf" target="_blank" data-icon="&#x24;">Download Full Article</a>
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