Fidelity sees single market 'waste'

Speaking at the annual IMA conference in London, Balk has said the European market remained “fragmented” and “dominated by national structures”. Companies trying to do trade across borders “find barriers at almost every turn,” Balk says. Promises of more proposals from Europe’s politicians on the issue would merely waste more time and cost customers more money, he adds. Fidelity cites a study suggesting the EU wastes 5bn annually in lost efficiencies in the asset management industry, compared with the US mutual funds industry. Reasons include the lack of a single regulatory regime,...