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...Fuelling their growth is the sector’s fee structure, which passes through all costs of the fund to investors rather than charging a management fee....
...Such measures have deprived their rivals of access to international payment systems and increased western banks’ own appeal to clients in the country....
...The average hedge fund fee in 2022 was a 1.39 per cent management fee and a 17.3 per cent performance fee, according to analysis from trade body AIMA....
...On Aim, average fees rose from £130,000 to £228,300 over the same period, while on the smaller Aquis Exchange, fees increased from £55,000 to £90,000....
...But fee compression “has reduced over recent years”, he said. “Institutional investors typically look at the total cost of ownership of the ETF, not just the headline fee,” he added....
...Investment banking revenue increased despite a “decline in global fee pools”, said Nomura, with a particularly strong performance in Japanese equity capital markets....
...Elisabeth Kashner, director of global fund analytics at FactSet and author of the report, focuses on the fortunes of the largest ETFs whose fees increased during 2023: the iShares Russell 1000 Growth ETF...
...“So, iShares’ fee cut is coming in on the heels of increased price competition by State Street and Schwab, but they still have a higher fee than those competitors even with the increased fee waiver,” he...
...“The current structure is opaque and confusing and increased clarity should attract more people to this market,” says Charles Stewart, Sotheby’s CEO....
...“With mortgages and loans there is increased susceptibility in that area because of the cost of living crisis, high interest rates and all these things.”...
...KKR’s quarterly fee-based earnings increased 21 per cent from this time last year to $675mn, while it raised $31bn in new capital, mostly from its fast-growing insurance investment operations....
...“If those Fidelity trading fees are socialised across the fund base as increased fund expenses, that makes the fund more expensive for everybody,” Kashner said....
...Management fees increased to 1.54 per cent from 1.46 per cent last year....
...“The increased costs to the taxpayer of nationalisation due to the loss of commercial focus from private train companies will lead to either reduced train services or increased subsidy,” he added....
...However, rising rates have increased borrowing costs at companies PE equity groups own, putting them under more financial pressure....
...Miners are also hoping for increased activity on the bitcoin network to boost transaction fee revenue, driven by developments such as trading non-fungible tokens....
...He admits that this is far short of the £3.8bn in income generated by the licence fee last year, however....
...The firm also increased its share repurchase authorisation from $400mn to $1.4bn, a move designed to boost its share price....
...Core net management fees, which are paid regardless of investment performance, increased 4 per cent to $963mn....
...The latter does not charge a performance fee whereas the London-listed fund charges a 16 per cent annual performance fee on gains....
...The regulator has also warned financial advice firms over high charges, which resulted in wealth manager St James’s Place overhauling its fee structure last year....
...Virgin Money has struggled over the past 12 months and last year increased its provision for bad loans....
...“While we don’t like increasing fees, it’s one step we are taking to return our company back to profitability and cover the increased costs of transporting bags.”...
...HSBC, on the other hand, is already offering fee-free transfers to existing customers though its Global Money account....
...In 2022, it increased to a record $1.3bn....
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