2023 Active Developed Market Equity Fee Study

This report presents an analysis of post-negotiated fees for separate accounts and commingled funds in the active developed market equity sector. Utilizing Confluence’s Prism Analytics and data from the PARis platform, the report aggregates insights from a significant portion of top investment consultants, covering over 15,000 institutional plans and $8 trillion in assets. The analysis focuses on fees as of Q4 2023, examining various equity mandates categorized by capitalization and style. Key findings indicate that median fees for developed markets have decreased by an average of 3.3% over the past three years, with notable fee compression observed in global large-cap value. The report also details specific fee trends across U.S., International, and Global equity, highlighting variations based on capitalization and investment style. The methodology ensures that the data presented is both accurate and relevant to institutional investors seeking insights into fee structures in the equity market.