Proposals that will see fund managers break down profits and losses in pounds and pence figures for the first time have been approved by the Financial Reporting Council.
The Investment Management Association (IMA) has been pushing for the change having consulted with members over the last year. The figures will be there as a simple way to tell investors how much it has cost them to own units in a fund each year, and the IMA said now it had received sign-off from the regulatory body it could push ahead with the plans. IMA chief executive Daniel Godfrey (pictured) said: “Our new measure is simple, easy-to-understand and covers every penny spent by a fund. This includes both the manager’s fees and all other operational costs. “It also includes all the...
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