The majority of fees charged by the providers of investment and related services are fully disclosed to investors, and although a lack of transparency still exists in parts of the market, the focus for asset managers in 2011 will be greater candour on how fees ultimately affect long-term returns.

Elizabeth Corley, chief executive, Allianz Global Investors, Europe, spelled this out in a speech last October: "We need to restore our clients' trust. The first step to restoring trust is to increase transparency.