The Australian managed funds industry gets off pretty lightly when it comes to what the regulator, the Australian Securities and Investments Commission, requires fund managers to disclose to investors as a minimum. Our colleagues in the US, for instance, are frequently surprised at the lack of disclosure requirements in comparison with their market.
At present, Australian fund managers are not required to disclose elementary information such as who's running the funds on a day-to-day basis or disclose periodically exactly what the funds are investing in.
We believe it's vital that Australian investors are empowered with the information and tools they need to compare managed funds more meaningfully and therefore to make better-informed investment decisions.
There are two key areas that need improvement: regular, periodic disclosure of funds' underlying portfolio holdings and disclosure of the data needed to enable the calculation and publication of after-tax returns.
At present
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