The most expensive fund managers in Germany are charging their clients up to seven times the fees of cheaper competitors, according to a survey by Wiesbaden-based GSC-PPCmetrics Investment Consulting.

German institutions investing in funds in actively-managed international equities face the greatest range of fees between different managers. For them, the cheapest fee of eight basis points on an investment of €250m ($303.5m) can jump to 75 basis points if they choose the most expensive fund manager.