Hargreaves hit out at the AITC after its survey showed that most investment trust shareholders were keen on paying performance fees.
He has called on the AITC to show him the questionnaire because he thinks only fund companies benefit from performance-related charging structures.
But the AITC defends the poll and has offered to hand over the results of the survey, which was carried out among 1,468 investors as part of a wider confidence survey.
The AITC believes that in some cases performance fees align fund manager interests with those of the shareholder but also claims that it keeps an open mind on fees.
Hargreaves says performance fees are open to abuse and do not benefit anyone other than the fund group.
In an article in Money Marketing, Hargreaves says: “I have never seen a performance fee that benefits any other than the fund management group. Of course, if you ask loaded questions, you might get the answer you are seeking but if investors are shown the facts and informed accurately of what performance fees mean, they will unanimously vote no.”
AITC communications director Annabel Brodie-Smith says: “We have an open mind on these things. Why would we fix the results of our own poll? The results show that there are a number of people who would find performance fees attractive since they feel it aligns the fund manager’s interests more in line with theirs.”Hargreaves, p32