Investment Management Association (IMA) chief executive Richard Saunders has criticised some media reports about fund manager fees as misleading and irresponsible.
"I groaned inwardly over breakfast this Sunday when I read the front page headline in the normally excellent Observer. Yet another story about how fund managers are taking huge fees which are destroying the value of our long term savings. Yet more irresponsible scaremongering by the story's promoters. Some of the assertions in this particular story were laughable. One claimed, for example, that charges are costing pension funds £67bn a year - yet the investment management industry's total revenues from all clients was in fact £11bn in 2010. Another claimed management fees for pensions...
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