UK asset managers have been singled out for falling short of regulatory requirements that permit them to demonstrate the “value” their funds deliver for investors.

A study by the CFA Society in the UK which looked at reports published by 145 UK investment managers overseeing £1.3tn, found that close to a quarter do not clearly outline their investment objectives, while 42% failed to state ongoing charges — “one of the most basic features that ought to be available to retail investors”.