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Ex-New Star CIO Alan Miller attacks hidden charges totalling £5.8bn a year

Former New Star chief investment officer Alan Miller has criticised “hidden charges” imposed by fund managers which push client fees to over £10bn a year, according to a Guardian report.

Miller, who launched a new wealth boutique Spencer Churchill Miller in March this year, said managers used complex cost structures which added as much as £5.8bn on to the £4.3m annual charges already reported by major firms.

He said the total expense ratio measure should be replaced with a new calculation that includes all the costs of running a fund.

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