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There is a common practise within the European fund industry to look at their cousins in the US to find clues as to what our cross-border fund industry might look like in the future. Both markets still remain persistently dissimilar: in number of funds, average size of funds or fee structures in place on both sides of the Atlantic. Nevertheless, there is one area, where European fund houses are getting ever closer to their American peers: fiduciary practise - there is evidence that more focus is being placed at board level on comprehensive fund reviews, particularly on fees.
For over 25 years, one piece of regulation in the US, known as 15(c) (named after the Section 15(c) of the 1940 Act) requires fund board of directors or Trustees to evaluate annually the level of...
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