Frais liés à l’impartition de la gestion de placements: Comparaison de coût total
Quel est le coût total d’un partenariat avec un service d’impartition de la gestion de placements?
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Frais liés à l’impartition de la gestion de placements: Comparaison de coût total
En discutant avec les investisseurs qui évaluent les services d’impartition de la gestion de placements, il est devenu évident au moment de comparer les frais que bon nombre d’entre eux ne tirent pas leur épingle du jeu. Lorsque le modèle de placement a été lancé, les frais de conseil et les frais de gestion sous-jacents des services d’impartition de la gestion de placements ont été regroupés. Au fil du temps, le marché concurrentiel a donné lieu à une plus grande transparence des frais et leur distinction. Toutefois, ce changement a également incité les investisseurs à trop se fier aux frais des services d’impartition de la gestion de placements et à ne pas tenir compte des frais de gestions eux-mêmes.
Comparaison de coût total
As fiduciaries for your investment program, thank you for taking the initiative to conduct additional due diligence on the evaluation of OCIO providers. Today we will discuss the importance of fee transparency and the total cost of partnering with an OCIO.
Decades ago, when the delegated investment management model was first introduced, OCIO advisory fees and underlying manager fees were often bundled together. Over time, a competitive OCIO market and the need for fee transparency has led to a separation of those fees.
The shift to greater transparency was and is a very good thing. However, this had led some investors to over-rely on the standalone OCIO fee, oftentimes ignoring arguably the largest portion of total cost: investment manager fees.
Let’s compare sample fees for two discretionary investment providers.
- In this example, we have an institutional investor with a $200 million portfolio, only investing in public markets, that already has determined the value of investment manager fee-savings within the OCIO model
- OCIO firm A has a 20 basis point advisory fee and OCIO firm B is proposing a 25 basis point advisory fee
- Next let’s take a look at the investment management fees across a diversified public market portfolio; we will allocate the assets the same for both OCIO firms in order to maintain consistency
- The total weighted average investment manager fees for OCIO A are 48 basis points while OCIO B weighted investment manager fees are only 21 basis points
- OCIO A has a total fee of 68 basis points, while OCIO B has a total fee of 46 basis points
- So, while OCIO A has a lower advisory fee, the total fee is significantly higher than OCIO B. This should be important criteria when evaluating providers.
- So, what makes the OCIO fee higher for one provider versus another? Our next blog and video will address the different type of services offered by OCIO firms to better explain the differences in advisory fees.
As a fiduciary for an institutional investment pool, your job can be challenging.
We believe that fee transparency and the importance of accurately comparing all fees are critical decisions to help you achieve your goals and objectives.
Information provided by SEI Investments Management Corporation (SIMC) and SEI Investments Canada Company, wholly owned subsidiaries of SEI Investments Company. SIMC is a registered investment adviser and SEI Investments Canada Company is the manager of the SEI Funds in Canada. Investing involves risk including possible loss of principal. There is no guarantee that risk can be managed successfully, This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon as research or investment advice and is intended for educational purposes only.
Notre série sur les frais OCIO
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Renseignements fournis par SEI Investments Management Corporation (SIMC) et Société de placements SEI Canada, des filiales en propriété exclusive de SEI Investments Company. SIMC est un conseiller en placement inscrit et Société de placements SEI Canada est le gestionnaire des Fonds SEI au Canada. Les placements comportent des risques, y compris la perte possible du capital. Rien ne garantit que le risque peut être géré avec succès. Le présent document est une évaluation de la situation du marché à un moment précis et ne constitue pas une prévision d’événements à venir ni une garantie de rendements futurs. L’information présentée ne doit pas être interprétée comme des résultats de recherches ou des conseils en placement. Elle est présentée à des fins éducatives uniquement.