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Mensuel de avril 2011 - Bourse/Fonds

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Recherche en Finance The dynamics of Mutual Fund advisory contracts
As highlighted in foregoing research pages, optimal benchmarking and compensation rules are important topics for the asset management industry. Typically, standard asset managers are paid a fee that is a percentage of the respective funds total net assets (TNA). In prinicple, and from a theoretical point of view, it would make sense to compensate the asset manager, at leasy partly, as a function of performance with respect to a benchmark. Yet, in practice this is only marginally the case. In that respect, for 90% of US Equity Mutual Fund advisory contracts the fee is specified as a percentage of TNA. Even though, the portfolio delegation model typically suggests a compensation rule based on relative performance either with respect to competitors...
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