The chief executive officers of 14 major pan-European asset and fund management companies have teamed up in a new forum to push their case for a single EU cross-border investment market, Reuters reports.

"Despite years of effort, a single market for asset management has not yet fully materialized, and it is Europe's savers who are paying the price in higher costs and restricted choice," Nicolas Moreau, chairman of the management committee of the Forum of European Asset Managers (FEAM), said in a statement.

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