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KNEIP, Bob Kneip

Nearly three in four European fund managers express cost concerns over KIID production

Concerns are being raised among Europe’s fund managers surrounding the costs of producing the two-page non-technical Key Investor Information Document (KIID), which will become mandatory when UCITS IV comes into effect next July, according to a recent survey. Compiled by Luxembourg-based financial services provider, KNEIP, it found that, of the 43 asset managers and administrators who participated, nearly three quarters believed that it would cost more than the current simplified prospectus. KIID has, by and large, been well received within the industry, its purpose being to provide investors with clear information on risk levels, investment policy etc. But it would seem, from the survey, that 75 per cent of respondents are concerned about getting KIID adequately distributed, with one third expressing worries about getting it through their distribution network to investors. Nevertheless, 60 per cent agreed that the document would make it easier for investors to compare investment products. To help ease the burden, BNP Paribas Securities Services announced in June that it would be offering fund managers KIID-compliant reporting packs as a solution to navigating through the complexities of producing the document. More could follow. Commenting in the press on KIID, KNEIP’s CEO, Bob Kneip, said: “The introduction of the KIID is a major issue. There are questions around increased costs and concerns around implementation. Ultimately we think that adopting the KIID will in fact end up to be more efficient – both from an operations and cost perspective.”

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