Fiduciary Management Fees Survey 2023

Fiduciary fees are down – but expect them to creep back up as markets improve

As our recently published report shows, the fees for fiduciary management in the UK have fallen significantly over the past six years. There are two factors in this fall: a decline in base fees and a decline in investment costs.

The decline in base fees has been sharp. Since 2017, base fees have fallen by between 10% and 28%, depending on the asset size. This fall has been the result of price competition. But the bulk of that occurred between 2017 and 2019. Since then, base fees have stabilised somewhat.

Meanwhile, the median investment fee has fallen by an even more striking 38% over the past six years. Most of that fall came in 2021 and 2022, after the longest bull market in history came to an end in February 2020.

The results are shown in full, with accompanying analysis, in the downloadable PDF.