Fitzrovia Calls For Improvement Of Fund Fee Disclosure
Following a recent observation by New York Attorney General, Eliot Spitzer
that the mutual fund industry in the United States charges "exorbitant
fees", fund research company, Fitzrovia International has called for the
improvement of fee disclosure requirements on an international level. Although US mutual funds have been required to disclose the Total Expense Ratios
(TERs) for many years, there is not currently a requirement for a consistent
calculation in Europe, a state of affairs which Fitzrovia believes needs to
be rectified. In a statement, the research firm announced that: "Fitzrovia welcomes
the action of some fund associations in Europe to encourage their members to
disclose Total Expense Ratios." Fitzrovia also welcomed the recent approval by the US House of Representatives
of a bill designed to increase fee, portfolio turnover, and brokerage commission
disclosure, and to ensure that two-thirds of mutual fund board directors are
independent. .
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