Research: 80% of investment giants publish out of date data


Eight out of ten of the biggest fund groups are handing investors outdated performance information, a new survey finds.

According to fintech company Instinct Studios, 80 per cent of the largest asset managers have fund factsheets that are six weeks out of date.

Instinct Studios reviewed 10 factsheets on the providers’ websites on 10 September 2015 finding that they included most current performance data to 31 July 2015.

Standard Life Investments was the firm with the most up-to-date fund information, for its UK Equity Growth fund, including data to 31 August 2015.

The Fidelity UK Smaller Companies fund published its performance to 9 September 2015 but on its website rather than on a factsheet.

Instinct marketing director Jeremy Mugridge says: “It’s high time that financial services embraced the benefits of offering up to date, user-friendly digital information before the regulator and consumers lose patience and force their hand.”

Further research for Instinct found that simplification on fund factsheet information was needed. Some 21 per cent of the 100 advisers interviewed said information on fund factsheets are complex, 17 per cent said they are out of date and 14 per cent found them confusing.

Only 22 per cent of retail investors read the fund information in detail and 24 per cent fully understand the fund information, the research also shows.

Mugridge adds: “Our research has found that many retail investors feel that the fund information supplied by providers can be unappealing and hard to understand which is to be expected when even some professional advisers find it confusing.”

The Investment Association agrees that more work needs to be done to improve fund factsheet information.

The industry group says: “The question over how we can better present fund information and make it easier to understand is one that the industry is exploring very seriously and we are open to receiving help and input from users of the information, such as advisers, so that we can ensure we are communicating more effectively.”

Factsheet research:

Fund Group Fund name Data as at date
BlackRock UK Fund 31-Jul-15
Standard Life Investments UK Equity Growth Fund 31-Aug-15
M&G UK Growth Fund 31-Jul-15
Invesco Perpetual High Income Fund 31-Jul-15
Fidelity1 UK Smaller Companies Fund 09-Sep-15
Henderson Cautious Managed Fund 31-Jul-15
Legal & General Investment Management UK Equity Income Fund 31-Jul-15
Schroders Asia Income Fund 31-Jul-15
Old Mutual Global Investors UK Equity Fund 31-Jul-15
Jupiter UK Special Situations 31-Jul-15

The factsheets were sourced from the providers’ websites on 10 September 2015. 1 Fidelity website did not include a standalone factsheet, but did include fund performance data