Invesco Perpetual has introduced a new single fund management fee (FMF) across its entire fund range.
From 1 April investors in Invesco Perpetual's investment company with variable capital (ICVC) range will pay a single FMF, which will be quoted in all key investor information documents and is the equivalent to the ongoing charge.
The FMF covers the management of the fund, maintaining the share register, fund governance and administration, including services such as custody and audit.
Portfolio transaction costs will continue to be applied separately as they cannot be predicted in advance. but detailed disclosure of these costs on a historic basis will continue to be available through Invesco Perpetual's website.
Where the costs of managing a fund change, Invesco Perpetual will give investors at least 60 days' notice.
The move comes after increasing pressure from the Financial Conduct Authority on the asset management industry to remove the level of complexity in charging structures.
The watchdog has also said firms need to ensure that fees relating to financial products are clear.
Invesco Perpetual said its action would ensure both clear and consistent cost disclosure to its investors.
'Invesco Perpetual is introducing the fund management fee to make it easier for investors to understand the costs of the funds in which they invest,' said head of UK retail Ian Trevers (pictured).