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Laxman Pai, Opalesque Asia: The highest average basis point fees went to hedge fund-of-funds (107 bps) and private real assets (83 bps), according to the 2023 Investment Management Fee Study by Callan.
The study provides a detailed analysis of fee levels and trends across multiple asset classes and mandate sizes for active and passive management-covering a total of 23 asset classes, both public and private. The analysis gives insight into what institutional investors are actually paying (negotiated fees) versus investment managers' published fee schedules.
The data was curated using Callan's proprietary investment manager database, proprietary client performance reporting database, and actual client fee schedules. The study reflects trends on 2022 fees representing $609 billion in assets under management (AUM) and $1.5 billion in total fees paid. The firm's fee database includes mandates run by over 300 investment firms and over 180 institutional investors.
Fee weakness affected hedge fund-of-funds, multi-asset class strategies, global ex-U.S. fixed, and emerging market equity, the study noted.
In hedge fund-of-fund strategies, allocators negotiated average discounts of up to .14 percent (13.9 basis points) off of total fees. In active emerging and frontier market equities, discounts were a little higher at .19 percent (19.2 basis points). Active multi-asset class strategies saw average discounts of .12 percent (12.9 basis points). Callan's fee data...................... To view our full article Click here
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