The tables are starting to turn. After years of rising costs and nervousness over who will be allowed to invest in the best funds, investors are now eyeing funds through a magnifying glass, paying particular attention to key terms – the 2% annual management fee and 20% performance charge.

This bargaining power comes partly as a result of the sharp drop in fundraising over the past four quarters, according to data provider Preqin, with only $97.6bn (€76bn) raised globally in the fourth quarter of last year, compared with $159.6bn in the first.