According to WM Company re-search, the average expense of a UK balanced manager is 16 bps, within a range of seven and 50 bps for funds of the same structure. Specialist managers record the highest average costs for all structures with 20 bps within a range of eight to 48, although typical costs are higher than the average. For mixed balanced/specialist managers the average cost is 16 bps within a range of four to 66, with internal managers coming in the lowest at an average of six bps in a range of three to 19 points.