Amid the coronavirus market crash, investors believed the best value lay with passive fund managers and large global brands, according to a new survey from Boring Money.
Conducted at the end of March, the research puts Vanguard on top as the best asset manager for value, with 86% of its investors saying it offers good value, while Aviva, HSBC Global Asset Management, AXA Investment Management and Legal & General all scored over 70% from their respective investors, placing them in the top five.
Small UK-focused brands struggled to convince their investors of value in Q1 2020, while those with a strong, global retail brand performed better.
Just over half of investors (53%) believe their asset managers to be of good value, with 13 of the 30 brands reviewed scoring below 50%.
The top ten saw little change to its constituents, with eight of the ten asset managers remaining from Q4, although Lindsell train and Architas have been replaced by Aberdeen Standard Investments and M&G.
Holly Mackay, managing director of Boring Money, said: "We see very different responses about what value means for customers of different brands. For less confident investors, there tends to be a bigger weighting on size and perceived stability and strength.
"For the hobbyists, performance net of all charges is more likely to be the only focus when it comes to assessing value.
"The crash changed the story to a much more acute focus on costs and charges - probably the only number investors felt they could control in that last weekend of March.
"The first cohort of published Value Assessment statements tend to gloss over the service element of value, and most managers have marked their own homework and given themselves a gold star.
"How can you ascertain value without asking the people who actually pay your fees what they think?"