Fitzrovia International has been calculating Total Expense Ratios (TERs) for 9 years, and surveys over 30,000 funds and share classes in European domiciles alone, using consistently calculated TERs.

Paul Moulton, Chief Executive, added, “Our work shows there are clear differences in attitudes to fund costs across Europe, however, within individual markets the primary driver behind each fund’s level of charges is the fund promoter’s own policy on fund pricing and competitive positioning.” This latest study provides, for the first time, promoters’ average TERs, available free of charge at www.fitzrovia.com.

TERs are being increasingly used by the industry, including fund management companies, funds associations, and both national and international regulators. Fitzrovia points out that the TER is a far more accurate guide to all annual operating costs borne by fund investors than the generally quoted annual management charge.