Independent Consultants Cooperative, a group of 16 consulting firms, and Deutsche Bank are initiating a study of the actual fees sponsors pay to managers, according to Howard H. Pohl, principal at Becker Burke Associates, an ICC member.
Mr. Pohl said the last time the ICC conducted a study on fees was at least 10 years ago. "Most of that study was done with published fees," he added, not actual fees paid for the same investment strategy and same-size account, which the group will examine this time. "Any relationship between those published fees and what you actually pay a manager is total coincidence," he said.
Mr. Pohl said ICC's database represents $720 billion in assets from 1,000 money managers, and 13,000 portfolios.