#SAVINGS & FINANCIAL PRODUCTS
Ongoing costs on retail equity funds in the EU fell 8% in 2024. For funds that already existed, the fall was only 3%. The difference comes from new, cheaper funds entering the average.
Published on September 8, 2026 · to be rechecked on March 15, 2027
ESMA, the EU financial markets regulator, publishes an annual report on the costs and performance of retail investment products. The eighth edition, released on 3 March 2026, covers 2024: ongoing costs on retail equity funds fell by 8%, and on retail bond funds by almost 15%. ESMA states where the movement comes from: mainly from new funds entering the market at lower fees. For funds that already existed, the reduction was limited to 3% on equity funds and 9% on bond funds.
How much did fees fall in 2024 on the equity fund you already held?
By 3%, while the market average shows −8%. The difference comes from newly launched funds, not from a cut granted on funds already held.
In other words: the market average fell because the product range changed, not because your fund changed its price.
Five caveats that belong with the number
- These are ongoing costs: not entry charges, not exit charges, and not advice fees billed separately.
- The fall is relative, not absolute: 8% below the previous level of fees, which is not 8 percentage points of return.
- On bond funds the gap is of the same order: almost 15% across the market against 9% for funds already in place.
- 2024 was a good year for EU funds: ESMA reports positive real net returns across every category, which makes the question of fees less visible.
- ESG funds remain cheaper than non-ESG ones, but they underperformed in 2024, and funds classified under SFDR Article 9 returned less than Article 6 funds.
Why it still matters: a market average that improves says nothing about the product actually held; only the fund's own key information document does.
For you
- Do you know the ongoing charges figure on the fund you hold, and when it last moved?
- Does an average fee reduction across a market benefit those already in it, or those entering it?
Source: ESMA, Costs and Performance of EU Retail Investment Products, eighth edition published on 3 March 2026 (2024 data) — ongoing costs down 8% for retail equity funds and almost 15% for retail bond funds, against 3% and 9% for funds already in existence.
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