Transaction cost analysis

bfinance provides actionable insights on the fees that investors pay to external managers and other costs incurred through the process of investing. Transparency and comparability can help investors secure real savings through detailed, customised assessments of the fees and costs they pay.

Explicit costsManagement feesPerformance feesBrokerage feesCustodian feesOther explicit costs Implicit costs & inefficienciesMarket impactOpportunity/delay costSecurities lendingTaxesInefficient process/infrastructureOther hidden fees e.g. GP fees Net returnsbfinance benchmarks and reduces these costs to increase your net returns.

Greater net returns at no extra risk

The lack of transparency and comparability, as well as poor access to data, results in higher investment costs. Asset owners need detailed insights on fees, both explicit and implicit, to identify savings, renegotiate prices with providers and validate overall expenses.

Since 2012, bfinance has been delivering outcome-oriented fee benchmarking to clients, leveraging the firm’s extensive proprietary data gathered through manager search and selection consultancy. These reviews offer the opportunity to generate significant fee savings, improving net outcomes for investors globally.

Key benefits


Uncovering the hidden and often misunderstood costs of trading activities. Allows you to enhance your strategies, make informed decisions and reduce cost - the only certain way to generate risk-free additional net return.


Gain an in-depth understanding of non-manager fee expenses impacting your portfolio’s performance. With full visibility, you can ensure transparency with all stakeholders and demonstrate fiduciary oversight.


Support for cost optimisation lets clients focus on core strategic matters. The need for systems, models and specialist skill sets to assess implicit costs favors outsourcing.


bfinance carry out the heavy lifting required to perform rigorous fee and cost assessment, then manage the process and negotiate savings on client’s behalf.

TCA as part of our holistic approach to fees

Manager fees Transaction costs Operating, custody & hidden costs
What is included? Benchmarking to database of competitive manager fees
Additional insight/analytics on performance drivers, market flows and industry analysis
Engagement with managers/providers to build historical trade performance profile
Measure of explicit and implicit costs
Aggregate additional fees incurred through investment activities
Overview on competitiveness of current arrangements
bfinance differentiator Live competitive data, strategy insight and manager search heritage Time stamp trade accuracy
Assessment of market impact and implementation shortfall
Aggregation with other cost sources to give hollistic view
Outcome? True benchmark of manager fees Measure trading efficiency Transparency on total costs
Account for all costs incurred through investments
Identify, benchmark and negotiate better commercial terms

Latest case studies

The client, an Australian pension scheme, was under mounting pressure from the Australian...

This UK pension scheme was seeking to benchmark the fees being paid to more than a dozen managers...

A UK foundation aimed to identify a core multi-manager hedge fund product, targeting cash plus...

This client, a Dutch private pension scheme, asked bfinance to partner with its in-house...

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Meet the team

Portfolio solutions

Duncan Higgs

Duncan Higgs

Managing Director, Head of Portfolio Solutions

Ruben Mutsaers

Ruben Mutsaers

Director, Portfolio Solutions

Geraint Morgan

Geraint Morgan

Director, Portfolio Monitoring

How can we help you?

Connect with one of our investment specialists today and let us know how we can help.