Its research says that the costs under question currently amount to only 3 per cent of total fund management costs.The report found that forcing fund managers to pay separately for research will seriously affect the amount of research available. But the IMA commissioned Charles River Associates to look at the consequences of unbundling charges and yesterday submitted its response to the FSA.”There is little prospect of fund managers raising their fees to compensate for the higher costs,” Richard Saunders, the chief executive of the IMA, said yesterday. But I am not sure it has to be taken over to achieve value for shareholders, as a break-up is something the company itself could do.”Sir William, already one of the FTSE 100′s best paid chief executives with a package worth £1.1m last year, would net £1.8m for his shares in the company if a bid went through at close to the current share price. The 56-year-old former Wellcome executive agreed last year to stay on “for the foreseeable future” as chief executive, prompting a potential successor, John Pafield, to leave the business Friends say Sir William would like to go out on a deal.. Unbundling charges for broker services such as equity research will cost fund managers up to £100m a year, the Investment Management Association (IMA) said yesterday. “We didn’t sign up as many members as we wanted to, which flowed straight through to the bottom line,” he added.The company, which is the sole surviving quoted fitness group, reported pre-tax profits of £3.6m, down from £7.3m for the year to 31 July.

He said: “We hadn’t foreseen the economic downturn so it had an effect on the business.” This was during a period when war with Iraq became a question of when, not if, and consumers began to get nervous about the economy. Sir Bill said: “An industry responsible for the delivery of such vital and hazardous materials cannot continue to put the pursuit of profit before safety and stability Our members are enduring an intolerable working environment. Lives are being put at risk and cost-cutting is causing instability in an essential industry.”Geoff Dossetter, of the Freight Transport Association, said tanker drivers were trained to an extremely high standard “The instruction of drivers is .. rigorous,” he said.. The chief executive of LA Fitness yesterday admitted he had failed to anticipate the impact that an economic downturn would have on his chain of health clubs. Sir Bill said oil firms could not continue to “disregard” the views of tanker drivers.

“The industry has a stark choice – it either talks to us around the negotiating table or faces our members at the refinery gate.”Employees were complaining that they were forced to work without any company pension provision, while executives were awarding themselves huge final salary packages. High staff turnover, poor safety procedures and attacks on pay and pensions were leading to an “increasingly volatile” industrial climate, Sir Bill said. Training procedures had been cut back to the extent that drivers were now delivering 44 tonnes of hazardous fuel “after little more than a few hours’ instruction”.He urged oil companies and transport businesses to join an industry-wide forum to discuss the future of petroleum delivery as well as improve conditions for the 3,000 tanker drivers who belong to the T&G. The leader of one of Britain’s biggest unions yesterday threatened to disrupt the nation’s fuel supply unless oil companies addressed concerns over safety and pensions among tanker drivers. The Panel may ask a number of shareholders to clarify their intentions towards the club although a club spokesman said last night it had not made any specific request to the Panel along these lines.. Its stock market value has doubled since the beginning of the year. In the past month it has risen by 30 per cent, making the club worth £611m at last night’s closing price.The Takeover Panel is understood to have been monitoring the club’s share price closely following a series of price spikes just before some of its big investors increased their stakes.