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Investment Fund Management Reports and the GAO’s Recommendations

Investment fund management reports help clients to get vital information about their investments in a consistent, accessible way. These reports present information on performance in various ways (MTD) QTD, YTD and YTD) and are usually accompanied with risk analysis data, such as VaR or stress testing. Regulatory demands are forcing managers to report on their risk processes in even more detail than ever before.

Investors are very interested in knowing how much they are paying for their investment and this is evident in the increasing need for more detailed fund fee data. Some funds define management fees more narrowly and include only the costs related to the selection of investments for the portfolio within this amount. Other funds have “unified fees” that cover a range of expenses including administrative and record-keeping services as well as brokerage commissions and a 12b-1 fee.

Many funds utilize breakpoint contracts, where the management fee declines at selected asset intervals in relation VDR providers popular in the UK to the total assets of the fund. Investors need to know how much the management fee is at each interval in order to assess these contracts. The GAO recommends that the Commission to require that funds disclose fee information per share at the level of the class as well as disclose the fees paid through the principal and not the management fee.

The GAO has also recommended that the Investment Company Act require that independent directors (directors not connected with the management of the fund) comprise at least a majority of a fund board. This is designed to ensure that directors who are independent can effectively represent the interests of fund shareholders.

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