Fund managers are struggling to put a value on research more than a year after regulators proposed they unbundle transaction costs, according to a survey by Financial News.

More than three-quarters of the UK fund managers surveyed said they did not put a cash value on research received from brokers. This finding comes just three weeks after the Financial Services Authority, the UK watchdog led by John Tiner, issued an ultimatum to the industry to break down costs before the end of the year or face regulation. The ultimatum followed a year of fierce debate sparked by the FSA's proposal on unbundling, which was published in April 2003.