Kames CEO calls on top UK fund houses to unite over charging

Kames Capital's Martin Davis has called upon the ten largest asset managers in the UK to come to a joint agreement on the best way to articulate fund fees to investors.

The chief executive, who last year criticised a Financial Services Consumer Panel report recommending groups use a single charge as being "over-simplistic", said any overhaul of charging disclosure needs to be adopted industry-wide to ensure transparency and simplicity.   Fund groups have been encouraged by the Investment Association (IA) to use the more comprehensive ongoing charges figure (OCF) rather than annual management charge (AMC) on their literature, but the OCF does not include other costs such as transaction charges. Meanwhile, asset managers such as Invesco Perpetual and L...