Over 80 per cent of pension decision makers have highlighted cost-efficiency as their greatest concern, new research has found.

The study by AMX, an open marketplace for the buying and selling of asset management services, also found that 74 per cent are concerned over time wastage, while 77 per cent worry about the level of transparency regarding they have regarding the funds they invest in.

The survey, which questioned 200 individuals with pension scheme investment responsibilities, also found that 26 per cent were not confident about the level of transparency over operational costs incurred by managers.

AMX global head, Oliver Jaegemann, said: “These concerns surrounding costs, time and transparency come as no surprise to us. The investment management industry model is completely outdated. When compared to the rate of technological change in other industries, the institutional investment industry has been virtually stagnant over the last decade.”

Furthermore, 91 per cent of respondents said that fees were important when selecting active asset managers, while 85 per cent felt the reputation of the firm was important.

Jaegemann added that industry transformation is long overdue and the complexities and inefficiencies of the industry must be challenged with a quicker, more transparent and cost efficient strategy in order to benefit the end saver.

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