Index providers often bundle products and services, which makes accurate like-for-like comparisons problematic for asset managers to find
Regulators have stepped up their scrutiny of index providers. The U.K.’s Financial Conduct Authority will soon publish the results of an investigation into “unnecessarily complex licensing arrangements” and barriers to switching between benchmarks that could result in price increases for users.
Alan Miller, chief investment officer at London-based wealth manager SCM Direct, which specializes in building index-tracking portfolios, avoids using popular indexes such as the FTSE 100 as benchmarks. But none of the largest index providers – MSCI Inc., S&P Global Inc., FTSE Russell and Bloomberg LP – provide any detailed public data about the costs of their products and services, which have become essential for the efficient functioning of financial markets globally.
High cost inflation for data services – which are seen as essential for compliance, regulatory and technology purposes across the asset management industry – is another problem cited by users and is in contrast to pricing for investment research, which has fallen sharply in recent years, Mr. Carrodus adds.
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