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Fitz Partners reveals UK funds’ ongoing charges, transaction fees and portfolio turnover


Fitz Partners has released the third edition of its Portfolio Turnover and Trading Fees analysis for funds domiciled in the UK.

Last quarter, the IA released their discussion paper ‘Meaningful disclosure of costs and fees’ highlighting their views on how to measure Portfolio Turnover and related costs. There are also many regulatory led discussions currently taking place across Europe regarding costs linked to asset managers’ investment process (PRIIPs). No doubt regulations around the disclosure of transaction fees will substantially increase fee transparency in the coming years.
Hugues Gillibert, Chief Executive Officer of Fitz Partners, says: “Regulations across Europe, although not yet fully set, will bring some changes in the way some fund fees are disclosed and in the near future access to transaction fees will most probably be offered to end investors.
“So much emphasis has been given to the topic of transaction fees recently, there is a good chance that this measure becomes significant for investors in their fund selection process.  We are giving asset managers and fund selectors the means to measure portfolio turnover and transaction fees ahead of time.”
The table below gives an accurate picture of the level of Portfolio Turnover of UK funds by IA sector for so-called “Clean” share classes. The weighted averages are based on the calculations from audited financial account disclosures of over 870 portfolios covered in the latest Fitz Partners UK Portfolio Turnover & Transaction Fees Analysis and Fitz UK Fund Charges.
Hugues Gillibert says: “While some are calling for the consolidation of all fund fees measures into one figure, we feel it is more helpful to present side by side Ongoing Charge Figures (OCF) which relate to the operating of a fund and Transaction fees which are linked to the investing activities. I believe what we are showing in this table is the first UK equity funds fee benchmark for OCF, Transaction costs and Portfolio Turnover as they might be disclosed in the future. These are critical measures of fund comparison that are becoming part of fund marketing and distribution strategic reviews.”

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