EuroFinuse Position Paper on performance fees (UCITS V)

EuroFinuse, the European Federation of Financial Services Users, is closely following the debate on the “UCITS V Directive” that is currently focusing on depositories’ liabilities and asset managers’ remuneration. These are two major issues that have to be tackled by EU institutions, as they were exposed as the weakest part of the UCITS framework during the financial crisis. Performance fees are inadequate as fund managers can influence the level of fees received by selecting a benchmark that can be easily beaten.

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