Independent fund research company Fitz Partners has launched a fund board reporting service, enabling committees and fund directors to evaluate share classes on fees, asset size and performance.
Fitz Board Reports (FBR), which leverages Fitz' fee breakdown, share class and peer group construction data, has been launched in response to greater demand for "better fund governance and investment managers' requirements for value for money reviews", the firm said.
FBR is a first in Europe, with similar products available in the US, where regulatory requirements necessitate boards to undertake fund reviews of this kind.
Fitz Partners' CEO Hugues Gillibert said the firm expects "what is a regulatory obligation for fund boards in the US market [to] become a voluntary practise in Europe".
He added: "The European fund industry is catching up on International best practises in fund governance and fiduciary responsibilities.
"The quality of our unique proprietary fee data alongside our peer group expertise and use of performance classifications, allows the delivery of a European fiduciary service to a level so far restricted only to the US market."
In June, 2017's the FCA's asset management market study suggested it could require fund boards to review periodically the costs and levels of service offered to their funds.
The FCA's study proposed the regulator would "to introduce a new rule to require the [fund manager] to assess whether value for money has been provided to fund investors.
"This assessment must take place on an ongoing basis and must formally be documented at least once a year.
"The FCA propose that this assessment must consider at least the following points; economies of scale, fees and charges, share classes, quality of service and transparency."
Pressure on fund costs and value for money has increased for asset managers in 2018, after the introduction of MiFID II revealed so-called "hidden fees" markedly increasing the actual cost of fund ownership, when compared to OCF figures.
Gillibert said: "Our Reporting Service answers the growing need for robust and regular independent reviews of European funds' costs and value.
"Furthermore, the call in the UK for independent directors and the request for effective measures of fund value for money is adding to the existing fiduciary responsibilities."
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