2023 Active Developed Market Equity Fee Study

This report presents the findings of the 2023 Active Developed Market Equity Fee Study, which reviews post-negotiated fees for separate accounts and commingled funds using Confluence’s Prism Analytics. The study utilizes data from Confluence’s PARis platform, which aggregates insights from a significant portion of top investment consultants managing large institutional assets. The report examines fees segmented by capitalization and style across U.S., International, and Global equity mandates as of Q4 2023. Key findings indicate that fees have seen a decline in developed markets over the past three years, with a median decrease of 3.3%. Additionally, the report details various fee spreads across different equity categories, noting distinct trends in pricing based on capitalization and investment style. The analysis provides a thorough understanding of the fee structures and their changes in the context of both U.S. and international markets.