Ueli Mettler und Benita von Lindeiner (c-alm) gehen in der IPE auf die hierzulande heiss umstrittene Frage der Vermögensverwaltungskosen ein. Sie schreiben u.a.:
Interestingly, disclosed costs have not only shown a strong increase from 2012 to 2013 – but have also, albeit to a much lesser degree, risen significantly from 2013 to 2014. This increase was probably partly the result of a lack of experience and less particularity on the auditors’ part – the first implementation of the new regulation was treated as a kind of grace period especially with respect to explicit transaction costs. At the same time, however, data show that the share of (expensive) alternative investments has risen from 6% in 2013 to 8.2% of total assets in 2015 – probably also accounting in part for the observed cost increase since 2013.
By now, only 7.2bps remain between disclosed costs and total cost measured in the cost survey. This difference can be attributed to implicit transaction costs such as spreads and to transaction and tax costs within collective investment vehicles.
The new cost regulation is considered to be highly successful both within Switzerland and abroad. Over 80% of formerly opaque costs are disclosed in the annual results today in a coherent, relatively simple and comprehensible way. All cost information is based on unambiguous and audited reports, ensuring full comparability with respect to level and quality.