Asset management firm Columbia Threadneedle has rated the value of its UK range as "three stars", in the group's first published value assessment report, following regulatory requirements from the Financial Conduct Authority (FCA) that were introduced in Q4 last year.
The report, which was structured according to seven different criteria listed by the FCA - including quality of service, performance, AFM costs and economies of scale among others - found that the firm's 57-strong suite of funds and 435 share classes provide 'good value'.
The assessment was conducted by Columbia Threadneedle's UK Funds Board and gave each fund and share class a rating between of one and four stars, or 'poor' and 'outstanding'. The firm's UK fund range achieved a three-star - or 'good' score - overall.
Nick Ring, chief executive officer, EMEA, at Columbia Threadneedle Investments welcomes the introduction of value assessment reporting, deeming it "an important step forward in providing greater transparency across all funds and asset managers in the UK".
He said: "we are acutely aware of the importance of the service we provide, helping our customers accumulate wealth and protecting and growing their financial assets for the long term.
"I believe we have set a rigorous standard in assessing our funds and am pleased this value assessment report concludes that, overall, our funds provide good value. It also, however, highlights areas where we can do better."
As such, the firm has identified and introduced "several steps" to provide better value for money for investors, including the conversion of 30,000 direct customers into cheaper share classes, reductions in the annual management charge (AMC) on 55 share classes that were above the market average, and the application of subsidies and fee caps to 32 share classes. It has also reduced the registrar fees on 26 share classes of its larger funds.
In January this year, Columbia Threadneedle removed the performance fees across its UK fund range.