Investment funds are required to produce a range of regulated publications on a regular basis (Annual, Semi-Annual, etc.) to explain the objective and performance of the fund. These are documents to be sent to both investors and regulatory bodies.
In recent years the industry has become increasingly regulated, both in the range of documents to produce and the level of compliance required. Changes also allow funds to be more widely distributed: funds can now be distributed in multiple countries.
Each country has its own standards; reports are produced in several languages, for multiple locations; the volume of reports has grown; accuracy and consistency requires ever more resources. These factors raise the burden on fund reporting, driving up costs.