{"id":990359,"date":"2026-04-23T15:27:13","date_gmt":"2026-04-23T15:27:13","guid":{"rendered":"https:\/\/explorecem.com\/?p=990359"},"modified":"2026-05-27T14:18:00","modified_gmt":"2026-05-27T14:18:00","slug":"opening-the-black-box-which-costs-does-cem-benchmark-and-why","status":"publish","type":"post","link":"https:\/\/explorecem.com\/opening-the-black-box-which-costs-does-cem-benchmark-and-why\/","title":{"rendered":"Which costs does CEM benchmark, and why?\u00a0\u00a0"},"content":{"rendered":"\t\t
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\u201cOpening the Black Box\u201d is our ongoing series on the data treatments, assumptions, and methodologies behind\u00a0our analyses.\u00a0In this\u00a0series, we answer\u00a0frequently\u00a0asked questions\u00a0on\u00a0how we build,\u00a0validate, and make decisions about our data.\u00a0\u00a0\u00a0<\/p>

Thoughts or feedback for us?\u00a0\u00a0We welcome it.\u00a0\u00a0<\/p><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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It\u2019s\u00a0one of your most\u00a0common questions: what costs are\u00a0actually included\u00a0in CEM\u2019s benchmarking? Is carried interest in? What about VAT? Does CEM benchmark marketing expense?<\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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These questions matter. The answers shape how you interpret your results, how you compare against peers, and\u00a0ultimately how\u00a0useful the insights are when\u00a0you\u2019re\u00a0making real decisions.<\/span>\u00a0<\/span><\/p>

CEM receives investment data from\u00a0hundreds of\u00a0institutional investors across\u00a0multiple regions\u00a0worldwide, which means ensuring apples-to-apples comparisons across organizations and geographies is everything. The approach rests on\u00a0CEM\u2019s\u00a0<\/span>data integrity principles<\/span><\/a>, and the goal is to reflect the\u00a0true cost\u00a0of investing and\u00a0operating, without the distortions that come from inconsistent data.<\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Start with the full picture, then be practical\u00a0<\/h3>

In a perfect world, every cost would be benchmarked. In practice, not every cost is consistently available or comparable across the industry.<\/span>\u00a0<\/span><\/p>

So\u00a0our\u00a0approach is balanced. Costs are included where reliable data exists, and organizations with stronger transparency are supported in surfacing more of it. Where data is missing in ways that would skew results, costs are imputed rather than ignored. Fund-of-funds fees are a good example: leaving them out would make funds of funds look artificially cheaper than they are. On the other hand, costs where data is still immature and\u00a0wouldn\u2019t\u00a0materially affect\u00a0the\u00a0conclusions are excluded for now.<\/span>\u00a0<\/span><\/p>

CEM does not audit reported costs against costs\u00a0disclosed\u00a0in the annual reports. However,\u00a0for clients looking to reconcile their\u00a0benchmarked costs with their costs\u00a0disclosed\u00a0in financial statements, CEM can provide this\u00a0service\u00a0with relevant\u00a0insights.<\/span>\u00a0<\/span><\/p>

Investment costs:\u00a0what\u2019s\u00a0in and why\u00a0<\/h3>
\u00a0The guiding rule is straightforward: if a cost reduces returns and can be measured, it should be included. That means taking a comprehensive view.<\/span>\u00a0<\/span><\/div>

Costs that are netted from returns are captured, as are costs reported before any offsets like revenues or reimbursements. Applicable taxes, including VAT and GST, are included. Non-cash costs like soft dollars are valued and counted,\u00a0too.<\/span>\u00a0<\/span><\/p>

In practice, this covers gross base management fees (preferred over net fees because\u00a0they\u2019re\u00a0more consistent and contract-based), performance fees and carried interest, internal investment management and oversight costs, and other direct investment costs such as consulting, custody, and audits tied to investments.<\/span>\u00a0<\/span><\/p>

Costs can be reported at the individual mandate or option level, or at the asset class and program level, depending on\u00a0what\u2019s\u00a0available.<\/span>\u00a0<\/span><\/p>

Investment costs:\u00a0what\u2019s\u00a0excluded (for now) and why\u00a0<\/h3>
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Some costs sit outside the benchmark, not because\u00a0they\u2019re\u00a0unimportant, but because including inconsistent data would do more harm than good.<\/span>\u00a0<\/span><\/div>

Transaction costs vary significantly based on trading volume and are inconsistently reported, making comparisons unreliable. Partnership expenses\u00a0haven\u2019t\u00a0yet been standardized or made widely available across the industry. Property management costs are operational in nature rather than investment-decision-related, and they\u00a0aren\u2019t\u00a0consistently available across different operating models. Marketing\u00a0expenses\u00a0for defined contribution funds in competitive markets are also excluded.<\/span>\u00a0<\/span><\/p>

None of these exclusions are permanent. In some regions, partnership expense data is already being collected in anticipation of future inclusion.\u00a0There\u2019s\u00a0a clear long-term trend toward better and more complete data, driven by the maturation of alternative strategies in institutional portfolios, improved technology, and the collective efforts of industry stakeholders. As that trajectory continues, what counts as \u201cincludable\u201d will keep expanding.<\/span>\u00a0<\/span><\/p>

It is worth noting that\u00a0CEM\u2019s\u00a0return comparisons are net of all investment costs, including costs that are excluded from benchmarking, such as transaction costs, partnership\u00a0expenses\u00a0and property expenses.\u00a0We will be covering\u00a0more on\u00a0return comparisons in a future blog.<\/span>\u00a0<\/span><\/p>

Pension administration costs:\u00a0what\u2019s\u00a0in and why\u00a0<\/h3>
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For administration benchmarking, the approach is a full-cost view, aligning costs directly with the pension administration activities that generate them. This gives a clear picture of where resources are\u00a0actually going. Both business-as-usual costs and major project costs are captured.<\/span>\u00a0<\/span><\/div>

Staff costs cover salaries, bonuses, benefits, and employer taxes. Third-party costs include consulting, outsourcing, and professional services. Other direct costs,\u00a0such as travel, training, subscriptions, and operations,\u00a0are included as well.<\/span>\u00a0<\/span><\/p>

Pension administration costs:\u00a0what\u2019s\u00a0excluded and why\u00a0<\/h3>
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Just as with investment costs, the exclusions here are about preserving comparability. Costs that vary too much across funds to be meaningfully compared are left out.<\/span>\u00a0<\/span><\/div>

Healthcare costs fall into this category, as do third-party and optional benefits. For defined contribution funds, insurance administration (including disability), marketing and product development costs, and financial advice costs are all excluded.<\/span>\u00a0<\/span><\/p>

Why this matters to you<\/span><\/b>\u00a0<\/span><\/p>

Too little benchmarking creates blind spots. Too much, without consistency, just creates noise. The aim is results that are genuinely comparable across peers, reflective of real economic costs, and transparent in how\u00a0they\u2019re\u00a0built.<\/span>\u00a0<\/span><\/p>

Every cost excluded from the benchmark is\u00a0disclosed\u00a0in your reports, so there are no surprises. And if you want to go deeper into areas not covered by the standard investment and administration benchmarking, the Research and Analytics team offers bespoke solutions through custom research tailored to your specific needs.<\/span>\u00a0<\/span><\/p>

You can reach them at\u00a0<\/span>research@cembenchmarking.com<\/span><\/a>.<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/article><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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This blog is part of our “Opening the Black Box” series. If you’d like to receive new posts in your inbox, please\u00a0<\/span>click here to subscribe<\/a>.<\/span><\/span>\u00a0\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\u201cOpening the Black Box\u201d is our ongoing series on the data treatments, assumptions, and methodologies behind\u00a0our analyses.\u00a0In this\u00a0series, we answer\u00a0frequently\u00a0asked questions\u00a0on\u00a0how we build,\u00a0validate, and make decisions about our data.\u00a0\u00a0\u00a0 Thoughts or feedback for us?\u00a0\u00a0We welcome it.\u00a0\u00a0 It\u2019s\u00a0one of your most\u00a0common questions: what costs are\u00a0actually included\u00a0in CEM\u2019s benchmarking? Is carried interest in? What about VAT? Does…<\/p>\n","protected":false},"author":2,"featured_media":989966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[58],"tags":[56,57],"class_list":["post-990359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opening-the-black-box","tag-black-box-series","tag-data-quality"],"yoast_head":"\nWhich costs does CEM benchmark, and why?\u00a0\u00a0 - CEM<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/explorecem.com\/opening-the-black-box-which-costs-does-cem-benchmark-and-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Which costs does CEM benchmark, and why?\u00a0\u00a0 - CEM\" \/>\n<meta property=\"og:description\" content=\"\u201cOpening the Black Box\u201d is our ongoing series on the data treatments, assumptions, and methodologies behind\u00a0our analyses.\u00a0In this\u00a0series, we answer\u00a0frequently\u00a0asked questions\u00a0on\u00a0how we build,\u00a0validate, and make decisions about our data.\u00a0\u00a0\u00a0 Thoughts or feedback for us?\u00a0\u00a0We welcome it.\u00a0\u00a0 It\u2019s\u00a0one of your most\u00a0common questions: what costs are\u00a0actually included\u00a0in CEM\u2019s benchmarking? 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