“Joshua Maxey, managing director at Third Bridge, a research provider, said asset managers were reluctant to include research costs in their annual management charge in case it pushed up the fund’s total expense ratio, which is used by investors to understand the costs of investing in a fund.”
Financial Times: Fifth of fund houses to charge investors an extra fee
In the run-up to implementation of Mifid II, Third Bridge co-founder and managing director Joshua Maxey discussed the reluctance amongst many asset managers to include research costs in their annual management charge
