Investment manager slams 'ludicrous' IMA charge figures

The IMA's tenth annual asset management survey found total industry revenues were £12bn, on assets of £4.2trn - figures chief executive Richard Saunders (pictured) said meant average clients were paying "a fraction over 0.3%". But Gina Miller, co-founder of SCM Private, said Saunders' assertion was "absolutely ludicrous". An analysis of 3,401 IMA active retail funds by SCM, headed by former Jupiter/ New Star investment trust and hedge fund manager Alan Miller, found that the most common annual management fee was 1.5% pa, with an overall average TER of 1.63% pa. "Savers in the UK ar...