Wealth managers are still mired in secrecy when it comes to their performance and the size of their fees, despite calls for greater transparency in the wake of the financial crisis, new research has revealed.

Analysis of the world's 40 biggest wealth managers' websites has shown that only 18% offered comprehensive information about the fee structures for their discretionary accounts - funds that allow brokers to buy and sell securities without a client's immediate consent, according to MyPrivateBanking Research, a Switzerland-based consultant.