Seven asset managers in the UK have teamed up to bring about changes to their fund ranges by collecting information on end investors needs.

The assets mangers are Aberdeen, Henderson, Investec, JP Morgan Asset Management, Old Mutual Global Investors, Schroders and Threadneedle, Investment Week has reported.

The asset managers will try to identify consumers understanding of the asset management industry, its products, and its terminology.

The research will involve surveying prospective investors, subjects ranging from understanding of common industry terms to product expectations.

"We have formed a syndicate of seven asset management firms with the aim of gaining a better understanding of the end customer’s motivations when purchasing investment products, through an in-depth research project," Investment Week quoted Nick Ring, head of distribution at Threadneedle, as saying.

"We will also explore areas such as their investment knowledge and attitude to risk," he added.

James Bowers, head of product at Henderson, said the fund group’s research will be a natural aid to product research.

David Aird, managing director of the UK client group at Investec AM, said: "Having more insight from our customers will help on a number of levels. It will clearly help to anticipate customer needs and outcomes in terms of designing new products, and improving existing products."

Ed Dymott, head of business development and strategy at Fidelity Worldwide Investment said: "We are going to offer further insights into our customer analytics. We have very detailed information on how they interact with products. That was partly developed in response to fund managers wanting more information."