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Managing Pension and Retirement PlansA Guide for Employers, Administrators, and Other Fiduciaries$
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August Baker, Dennis E. Logue, and Jack S. Rader

Print publication date: 2004

Print ISBN-13: 9780195165906

Published to Oxford Scholarship Online: July 2005

DOI: 10.1093/019516590X.001.0001

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Managing Costs

Managing Costs

Chapter:
(p.248) 19 Managing Costs
Source:
Managing Pension and Retirement Plans
Author(s):

August Baker

Dennis E. Logue

Jack S. Rader

Publisher:
Oxford University Press
DOI:10.1093/019516590X.003.0019

The effective management of a pension plan requires managing the costs of asset management. This means understanding and controlling investment costs such as the costs of trading, custody, and so forth. Transaction costs erode portfolio value. Thus, a trade must be motivated by an investment idea that adds more value than is destroyed or by a constraint such as liquidity that overrides the cost of the trade. Pension boards and senior management must understand the costs incurred in trading and how they may be controlled to ensure that more value is added than destroyed.

Keywords:   pension plans, asset management, cost control, transaction costs

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