Despite a series of law suits concerning transition management fees, many pension funds have chosen not to act and seem to be waiting for regulators to enforce transparency.

Institutional investors have in general been "apathetic", according to Andrew Williams, principal at Mercer Sentinel Group. He said: "There was a small spike of interest around the time of the State Street investigation but it did not act as a catalyst for change. It is difficult to see anything but regulation reform to make a difference."