Products

Fitz Partners Ltd is a London-based fund research company specialising in the detailed calculations of fund fees and expenses and delivering Pan-European fund fee benchmarks.

Database

Fitz Partners delivers quarterly datasets of consistent fund fee calculations. Each share class offers a unique disclosure of detailed operating expenses, including Management, Management Company, Administration, Custody, Distribution, Audit, Professional, Custody Handling/Transaction, Performance, Brokerage, Securities Lending fees, Subsidy and Other Expenses for regulation reporting.

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UK Fee Calculations

UK Promoters

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Coverage AUM (USD)

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International Fee Calculations

International Promoters

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Coverage AUM (USD)

Board Reporting

Fitz Partners offers asset managers customised Board Reports and fee review analysis, allowing a detailed independent review of their fund’s share classes on cost and performance. Board Reports support asset managers in their internal periodic fee reviews, UK Assessment of Value, responses to the ESMA Supervisory Briefing on the supervision of costs in UCITS and AIFs and subsequent NCA requests and, more recently, UK Consumer Duty, and the European Commission’s Retail Investment Strategy.

Fund Benchmarking Reports & Databases

Investment Advisory

A unique source of the level of investment advisory fees in Europe based on asset managers’ confidential fee schedules often involving sliding scale fee models. In this 96-page report, we present the pure cost of the investment advisory function (sub-advisory, portfolio management) that is paid out of funds’ quoted management fees. Fitz Partners offers a measure of net profit generated from management fees net of any retrocessions.

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Performance Fees

A comprehensive review of performance fee structures in Europe is presented in detail in an online module that allows users to filter and compare performance fee structures based on their performance fee rates, High Water Marks, Hurdle Rates, Clawback definitions or durations and more. This research allows users to generate benchmarks and estimate levels of revenue uplift for over 1,000 performance fee structures covered in our research.

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Directors’ fees

An exclusive benchmarking resource covering fund directors’ fees in Europe, delivering a comprehensive review of all the overall fees paid to independent non-executive directors within the asset management industry. This report also includes valuable relationships between independent directors’ fees and variables such as promoter origin, domicile, number of fund products and their AUM covered by each board. Additionally, a supplementary file is provided containing the entire data sample.
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ManCo Fees

A market research study to investigate ‘ManCo fees’ paid by funds domiciled in Ireland and Luxembourg. The research specifically looks at fees paid to third-party Manco’s or proprietary ManCo’s. This report provides an overview of the ManCo fee structures, third party ManCo fee structures vs the proprietary ManCo’s, and overall ManCo fees in relation to umbrella size (AUM). Additionally, a supplementary file is provided containing the entire data sample with the specific structures and fees for each fund umbrella.
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Fund Fee & Expenses Dashboard 2024.

The European & UK, Fund Fees & Expenses Dashboard is a snapshot report that showcases our research findings related to the fees and expenses of funds in Europe and the UK. Designed to provide a detailed overview of the key trends and insights that we have gathered throughout the year. The dashboard highlights some of our interesting and noteworthy points, making it a valuable resource for anyone who wishes to stay up to date on the latest developments in the fund industry. It also serves as a useful tool for fund managers and investors who are seeking to make informed decisions based on accurate data and insights.

Other Research

Twin Performance Fees

A detailed study of the performance related fees offered in dual ‘Twin’ share classes across Europe. This study is an extensive review of performance fee and non-performance fee shares classes. The review encompasses the differences in Twin share classes management fee rates and total costs. The research delivers a full breakdown of its findings by share class types, asset classes and domiciles.
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Past papers – Economies of Scale

A quantitative review of economies of scale and their impact on fund fees in Europe and the UK.
Providing an in-depth investigation of Economies of Scale in Asset Management, the current ways in which they are being passed on, and the viability of new and more innovative methods to pass on Economies of Scale.
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Past papers – AoV

Remarks & UK Market Overview- Providing a detailed summary of the quantitative elements of Assessments of Value, as well as providing an overview of the UK Market. This report was published in 2019. View Product