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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