HCMC’s Survey on fees and charges applicable on UCITS in Greece

The HCMC has undertaken a research project collecting and analyzing data submitted by supervised Mutual Fund Management Companies (MFMCs) related to the actual fees and charges applied by MFMCs on the UCITS they manage (funds that have been authorized by the HCMC) for the years 2016, 2017 and 2018. The analysis of said data by the Research Division was done both per category of funds (equity, bond, money market, structured) and per type of charges (Subscription Fees, Redemption Fees, Ongoing Charges, Performance Fees).

In 2018 (as in 2017) 15 (fifteen) MFMCs (UCITs management companies) were active in Greece vs. 14 in 2016. These 15 distributed 203 funds in 2018 (or 145 funds, without taking account of the different share classes) vs. 173 funds in 2017 (150 funds, without taking account of the different share classes) and 161 funds in 2016 (160 funds, without taking account of the different share classes).

In 2018 subscription fees as well as the redemption fees (exit fees) for all UCITS of all categories, were lowered by -21.82% and -20.03% respectively on annual basis evolving from 0.47% and 0.35 respectively in 2016 to 0.40% and 0.30% in 2017 and 0.31% and 0.24% respectively in 2018. Ongoing charges for all UCITS of all categories also decreased in 2018 by -11.70% on annual basis, evolving from 2.28% in 2016 to 2,35% in 2017 and 2.08% in 2018.

As per the subscription fees per fund category in 2018, those of Equity FoFs were increased whereas, those of Balanced, Bond, Equity and Bond FoFs were decreased, while the MMFs and Structured remained unchanged.

The redemption fees and the ongoing charges decreased in 2018 for all UCITs of all categories, except for the Structured Funds.

Performance fees presented a decrease in 2018 comparing to 2017-2016 for all fund categories applied (Balanced, Bonds, Balanced FoFs and Equity FoFs) with the exception of Equity Funds.