It's not difficult to imagine what your typical retail fund investor might say if asked whether he or she believes they are being charged fairly (especially if you know this person reads the Sunday papers).
So not difficult, in fact, that I needn't write it here. New claims of ‘hidden' fund charges hitting investors in the pocket were enough this week to prompt IMA chief executive Richard Saunders to blog on the subject (again). Saunders' chief gripe on this occasion was what he sees as a growing but misguided campaign for asset managers to include trading costs in fund charges. Under the headline "Hidden costs? What hidden costs?", Saunders wrote: "[That] would mislead investors into thinking that trading costs matter in isolation from their impact on investment returns." Saunders...
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