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	<title>AllAboutAlpha.com &#187; Investment Management Fees</title>
	<atom:link href="http://allaboutalpha.com/blog/category/postingcategories/invmanagementfees/feed/" rel="self" type="application/rss+xml" />
	<link>http://allaboutalpha.com/blog</link>
	<description>Hedge funds, portable alpha, 130/30 and alpha-centric investing</description>
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			<item>
		<title>Survey finds acrimony over fees may be subsiding</title>
		<link>http://allaboutalpha.com/blog/2010/02/11/survey-finds-acrimony-over-fees-may-be-subsiding/</link>
		<comments>http://allaboutalpha.com/blog/2010/02/11/survey-finds-acrimony-over-fees-may-be-subsiding/#comments</comments>
		<pubDate>Fri, 12 Feb 2010 00:00:59 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>
		<category><![CDATA[hedge fund fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=9478</guid>
		<description><![CDATA[Sure, pension funds always want to pay lower investment fees.  But a new survey reveals that many feel they are getting more value for money now than last year.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2010/02/11/survey-finds-acrimony-over-fees-may-be-subsiding/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>High Water Marks: The other hedge fund &#8220;lock-in&#8221;</title>
		<link>http://allaboutalpha.com/blog/2010/02/08/high-water-marks-the-other-hedge-fund-lock-in/</link>
		<comments>http://allaboutalpha.com/blog/2010/02/08/high-water-marks-the-other-hedge-fund-lock-in/#comments</comments>
		<pubDate>Tue, 09 Feb 2010 02:00:14 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=9113</guid>
		<description><![CDATA[An academic study finds that the presence of a high water mark can induce the kind of loyalty usually forced upon investors with redemption gates.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2010/02/08/high-water-marks-the-other-hedge-fund-lock-in/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>High-water Marks and Hedge Fund Compensation</title>
		<link>http://allaboutalpha.com/blog/2009/12/01/high-water-marks-and-hedge-fund-compensatio/</link>
		<comments>http://allaboutalpha.com/blog/2009/12/01/high-water-marks-and-hedge-fund-compensatio/#comments</comments>
		<pubDate>Tue, 01 Dec 2009 13:52:49 +0000</pubDate>
		<dc:creator>jblevins</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=9473</guid>
		<description><![CDATA[By: George O. Aragon, Arizona State University
Published: December, 2009
Abstract: In this paper we examine the role of high-water mark provisions in hedge fund compensation contracts. In our model of competitive markets and asymmetric information on manager ability, a fee contract with a high-water mark can improve the quality of the manager pool entering the market. [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/12/01/high-water-marks-and-hedge-fund-compensatio/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Pass the fees, please</title>
		<link>http://allaboutalpha.com/blog/2009/11/18/pass-the-fees-please/</link>
		<comments>http://allaboutalpha.com/blog/2009/11/18/pass-the-fees-please/#comments</comments>
		<pubDate>Thu, 19 Nov 2009 01:00:39 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=7621</guid>
		<description><![CDATA[Still more evidence that hedge fund managers aren't going to climb back above their high water marks for the foreseeable future. The question is how much longer managers will be willing to tough it out.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/11/18/pass-the-fees-please/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>&#8220;1.75 and 21.93&#8243;: The new, new, new fee structure?</title>
		<link>http://allaboutalpha.com/blog/2009/11/10/1-75-and-21-93-the-new-new-new-fee-structure/</link>
		<comments>http://allaboutalpha.com/blog/2009/11/10/1-75-and-21-93-the-new-new-new-fee-structure/#comments</comments>
		<pubDate>Wed, 11 Nov 2009 01:00:11 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=7380</guid>
		<description><![CDATA[Investors will still cough up for alpha if they think they can get it, but aren't going to be as tolerant paying for beta anymore.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/11/10/1-75-and-21-93-the-new-new-new-fee-structure/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Can of worms?  Supreme Court discusses &#8220;fair&#8221; compensation for fund advisory services</title>
		<link>http://allaboutalpha.com/blog/2009/11/05/can-of-worms-supreme-court-discusses-fair-compensation-for-fund-advisory-services/</link>
		<comments>http://allaboutalpha.com/blog/2009/11/05/can-of-worms-supreme-court-discusses-fair-compensation-for-fund-advisory-services/#comments</comments>
		<pubDate>Fri, 06 Nov 2009 01:47:34 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Hedge Fund Regulation]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=7315</guid>
		<description><![CDATA[According to experts, a case currently before the US Supreme Court will "define the contours of a mutual fund adviser’s fiduciary duty with regard to compensation."  Will it impact hedge funds too?]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/11/05/can-of-worms-supreme-court-discusses-fair-compensation-for-fund-advisory-services/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Hidden Cost of Active Management</title>
		<link>http://allaboutalpha.com/blog/2009/11/01/hidden-cost-of-active-management/</link>
		<comments>http://allaboutalpha.com/blog/2009/11/01/hidden-cost-of-active-management/#comments</comments>
		<pubDate>Sun, 01 Nov 2009 14:40:01 +0000</pubDate>
		<dc:creator>jblevins</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=10556</guid>
		<description><![CDATA[By: Mark Kritzman, Windham Investment Review
Published: November, 2009
Introduction: Investors are well aware of the incremental transaction costs managers incur as they seek to replace securities perceived to be overvalued with those perceived to be undervalued. Moreover, it is no secret that active funds charge significantly higher fees than passive funds designed to track market indexes. [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/11/01/hidden-cost-of-active-management/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>You wanna 20 with that 2?</title>
		<link>http://allaboutalpha.com/blog/2009/10/01/you-wanna-20-with-that-2/</link>
		<comments>http://allaboutalpha.com/blog/2009/10/01/you-wanna-20-with-that-2/#comments</comments>
		<pubDate>Fri, 02 Oct 2009 01:37:08 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=6416</guid>
		<description><![CDATA[The debate over hedge fund fees is almost as old as hedge funds themselves. It remains to be seen whether the latest market collapse actually leads to a new pervasive fee structure.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/10/01/you-wanna-20-with-that-2/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Fooled by Fees</title>
		<link>http://allaboutalpha.com/blog/2009/09/20/fooled-by-fees/</link>
		<comments>http://allaboutalpha.com/blog/2009/09/20/fooled-by-fees/#comments</comments>
		<pubDate>Mon, 21 Sep 2009 00:00:19 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Private Equity]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=6132</guid>
		<description><![CDATA[Can some investors be "fooled" into buying new and unproven private equity funds? ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/09/20/fooled-by-fees/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>The High Water Mark(et): A potential lifesaver for underwater HF investors</title>
		<link>http://allaboutalpha.com/blog/2009/09/14/the-high-water-market-a-potential-lifesaver-for-underwater-hf-investors/</link>
		<comments>http://allaboutalpha.com/blog/2009/09/14/the-high-water-market-a-potential-lifesaver-for-underwater-hf-investors/#comments</comments>
		<pubDate>Tue, 15 Sep 2009 00:00:57 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=6054</guid>
		<description><![CDATA[Now the performance fee holiday doesn't have to end just because you sold your losing hedge funds.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/09/14/the-high-water-market-a-potential-lifesaver-for-underwater-hf-investors/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Beware of Venturing into Private Equity</title>
		<link>http://allaboutalpha.com/blog/2009/08/26/beware-of-venturing-into-private-equity/</link>
		<comments>http://allaboutalpha.com/blog/2009/08/26/beware-of-venturing-into-private-equity/#comments</comments>
		<pubDate>Wed, 26 Aug 2009 13:51:33 +0000</pubDate>
		<dc:creator>Lisa Rivera</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Private Equity]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=6200</guid>
		<description><![CDATA[By: Ludovic Phalippou, University of Amsterdam &#8211; Business School
Published: August 26, 2009
Abstract: As a step towards understanding whether a private equity governance structure reduces overall agency conflicts relative to a public equity governance structure (as is often argued), this paper describes the contracts between private equity funds and investors, and the returns earned by investors. [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/08/26/beware-of-venturing-into-private-equity/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>HF fee squeeze: Not such a new thing</title>
		<link>http://allaboutalpha.com/blog/2009/07/21/hf-fee-squeeze-not-such-a-new-thing/</link>
		<comments>http://allaboutalpha.com/blog/2009/07/21/hf-fee-squeeze-not-such-a-new-thing/#comments</comments>
		<pubDate>Wed, 22 Jul 2009 00:00:42 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=5046</guid>
		<description><![CDATA[Although newly emboldened investors seem to be pushing fees below the mythical "2 and 20" level, research has shown that fee pressure has been at work in the hedge fund industry for some time.  ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/07/21/hf-fee-squeeze-not-such-a-new-thing/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>What really drives the closed-end HF discount?</title>
		<link>http://allaboutalpha.com/blog/2009/06/25/what-really-drives-the-closed-end-hf-discount/</link>
		<comments>http://allaboutalpha.com/blog/2009/06/25/what-really-drives-the-closed-end-hf-discount/#comments</comments>
		<pubDate>Fri, 26 Jun 2009 00:00:08 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=4895</guid>
		<description><![CDATA[Do premia and discounts on closed end hedge funds actually reflect anything about the funds themselves or do they just a response to exogenous factors?]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/06/25/what-really-drives-the-closed-end-hf-discount/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Study looks at differences between institutional and retail mutual funds</title>
		<link>http://allaboutalpha.com/blog/2009/06/17/study-looks-at-differences-between-institutional-and-retail-mutual-funds/</link>
		<comments>http://allaboutalpha.com/blog/2009/06/17/study-looks-at-differences-between-institutional-and-retail-mutual-funds/#comments</comments>
		<pubDate>Thu, 18 Jun 2009 00:00:21 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=4878</guid>
		<description><![CDATA[Retail mutual funds have been researched in every conceivable way.  But we were surprised to learn that institutional mutual funds haven't undergone the same level of scrutiny.  Until this year.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/06/17/study-looks-at-differences-between-institutional-and-retail-mutual-funds/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Closed-end HF Pricing: Rational Irrationality</title>
		<link>http://allaboutalpha.com/blog/2009/06/15/closed-end-hf-pricing-rational-irrationality/</link>
		<comments>http://allaboutalpha.com/blog/2009/06/15/closed-end-hf-pricing-rational-irrationality/#comments</comments>
		<pubDate>Tue, 16 Jun 2009 00:00:08 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=4838</guid>
		<description><![CDATA[If hedge funds are supposed to be so unique, then why do most closed-end HFs sell at a discount or premium to NAV at the same time?  ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/06/15/closed-end-hf-pricing-rational-irrationality/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Net effect of HF redemption/re-allocation cycle: billions in additional fees</title>
		<link>http://allaboutalpha.com/blog/2009/06/09/net-effect-of-hf-redemptionre-allocation-cycle-billions-in-additional-fees/</link>
		<comments>http://allaboutalpha.com/blog/2009/06/09/net-effect-of-hf-redemptionre-allocation-cycle-billions-in-additional-fees/#comments</comments>
		<pubDate>Tue, 09 Jun 2009 23:08:44 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=4790</guid>
		<description><![CDATA[Like water in a bathtub, assets seem to slosh in and out of the hedge fund industry frequently.  Unfortunately for investors, this can scrub under-performers clean of their requirement to provide a performance fee holiday. ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/06/09/net-effect-of-hf-redemptionre-allocation-cycle-billions-in-additional-fees/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Study finds less than third of HFs actually pocket mythical &#8220;2 and 20&#8243;</title>
		<link>http://allaboutalpha.com/blog/2009/03/10/study-finds-less-than-third-of-hfs-actually-pocket-mythical-2-and-20/</link>
		<comments>http://allaboutalpha.com/blog/2009/03/10/study-finds-less-than-third-of-hfs-actually-pocket-mythical-2-and-20/#comments</comments>
		<pubDate>Wed, 11 Mar 2009 00:47:24 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=4331</guid>
		<description><![CDATA[Most calls for hedge fund fees to change have fallen on deaf ears.  But here's one that we think might actually fly. ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/03/10/study-finds-less-than-third-of-hfs-actually-pocket-mythical-2-and-20/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Best Ideas</title>
		<link>http://allaboutalpha.com/blog/2009/03/01/best-ideas/</link>
		<comments>http://allaboutalpha.com/blog/2009/03/01/best-ideas/#comments</comments>
		<pubDate>Sun, 01 Mar 2009 15:06:46 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Performance, Analytics & Metrics]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=4822</guid>
		<description><![CDATA[By: Randolph B. Cohen (Harvard Business School), Christopher K. Polk (London School of Economics) and Bernhard Silli (N/A)
Published: March 2009
Abstract: We examine the performance of stocks that represent managers&#8217; &#8220;Best Ideas.&#8221; We find that the stock that active managers display the most conviction towards ex-ante, outperforms the market, as well as the other stocks in [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/03/01/best-ideas/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Summary of Preferred Hedge Fund Terms</title>
		<link>http://allaboutalpha.com/blog/2009/03/01/summary-of-preferred-hedge-fund-terms/</link>
		<comments>http://allaboutalpha.com/blog/2009/03/01/summary-of-preferred-hedge-fund-terms/#comments</comments>
		<pubDate>Sun, 01 Mar 2009 14:29:22 +0000</pubDate>
		<dc:creator>Lisa Rivera</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=8523</guid>
		<description><![CDATA[By: Utah Retirement Systems
Published: March 2009
Overview: The purpose of this document is to crystallize a general view on the share class terms that institutional investors should prefer when investing in hedge fund partnerships. The information contained herein is drawn from a variety of discussions with institutional investors, asset management firms, and the investment industry at [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/03/01/summary-of-preferred-hedge-fund-terms/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Strength of Performance Based Compensation: Evidence from Hedge Fund Closing and Reopening Events</title>
		<link>http://allaboutalpha.com/blog/2009/01/26/strength-of-performance-based-compensation-evidence-from-hedge-fund-closing-and-reopening-events/</link>
		<comments>http://allaboutalpha.com/blog/2009/01/26/strength-of-performance-based-compensation-evidence-from-hedge-fund-closing-and-reopening-events/#comments</comments>
		<pubDate>Tue, 27 Jan 2009 00:09:27 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Alternative Beta & Hedge Fund Replication]]></category>
		<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Performance, Analytics & Metrics]]></category>
		<category><![CDATA[Portable Alpha & Alpha/Beta Separation]]></category>
		<category><![CDATA[Posting Categories]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=4199</guid>
		<description><![CDATA[By: Bing Liang (University of Massachusetts at Amherst) and Christopher Schwarz (University of California)
Published: January 2009    
Abstract: Previous results find CEOs&#8217; pay packages typically have low sensitivities to performance. Therefore, CEOs have incentives to increase firm size, even if those actions cause losses for current shareholders. Using nine versions of the Lipper/TASS [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/01/26/strength-of-performance-based-compensation-evidence-from-hedge-fund-closing-and-reopening-events/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Performance fees: As old as portfolio management itself?</title>
		<link>http://allaboutalpha.com/blog/2009/01/20/performance-fees-as-old-as-portfolio-management-itself/</link>
		<comments>http://allaboutalpha.com/blog/2009/01/20/performance-fees-as-old-as-portfolio-management-itself/#comments</comments>
		<pubDate>Wed, 21 Jan 2009 01:46:49 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=4064</guid>
		<description><![CDATA[With a new calendar year re-setting the performance fee "clock", the topic of hedge fund fees is once again on the agenda.  And history suggests that fees will also be on the agenda for years to come. ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/01/20/performance-fees-as-old-as-portfolio-management-itself/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Survey finds &#8220;death of alpha (and its pursuit) is clearly premature.&#8221;</title>
		<link>http://allaboutalpha.com/blog/2009/01/13/survey-finds-death-of-alpha-and-its-pursuit-is-clearly-premature/</link>
		<comments>http://allaboutalpha.com/blog/2009/01/13/survey-finds-death-of-alpha-and-its-pursuit-is-clearly-premature/#comments</comments>
		<pubDate>Wed, 14 Jan 2009 01:13:31 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=4051</guid>
		<description><![CDATA[If a penny saved is a penny earned, then a basis point saved is also a basis point (of alpha) earned.  So fees obviously matter.  That&#8217;s why consultancy bfinance recently polled institutional investors on their feelings about investment management fees.  To the sure disappointment of funds of hedge funds, the firm found that 60% of [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/01/13/survey-finds-death-of-alpha-and-its-pursuit-is-clearly-premature/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>2009: The year of the high water mark</title>
		<link>http://allaboutalpha.com/blog/2009/01/05/2009-the-year-of-the-high-water-mark/</link>
		<comments>http://allaboutalpha.com/blog/2009/01/05/2009-the-year-of-the-high-water-mark/#comments</comments>
		<pubDate>Tue, 06 Jan 2009 00:43:01 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=4037</guid>
		<description><![CDATA[A majority of hedge funds are below their high water marks as we start off 2009.  This should make for an interesting year since, in most cases, only the existing investors will enjoy a performance fee holiday.  ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2009/01/05/2009-the-year-of-the-high-water-mark/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>High Water Marks in Competitive Capital Markets</title>
		<link>http://allaboutalpha.com/blog/2008/12/11/high-water-marks-in-competitive-capital-markets/</link>
		<comments>http://allaboutalpha.com/blog/2008/12/11/high-water-marks-in-competitive-capital-markets/#comments</comments>
		<pubDate>Thu, 11 Dec 2008 17:19:47 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Posting Categories]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=3969</guid>
		<description><![CDATA[By: Susan Kerr Christoffersen (McGill University) and David K. Musto (University of Pennsylvania)
Published: December 2008
Abstract: We model the effect of the standard high-water-mark provision of hedge funds when the supply of capital is competitive and managerial ability is uncertain. We find that confidence in a manager&#8217;s ability is crucial to the provision&#8217;s effect, and this [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/12/11/high-water-marks-in-competitive-capital-markets/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Fee-conomics</title>
		<link>http://allaboutalpha.com/blog/2008/12/08/fee-conomics/</link>
		<comments>http://allaboutalpha.com/blog/2008/12/08/fee-conomics/#comments</comments>
		<pubDate>Mon, 08 Dec 2008 07:06:22 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=3859</guid>
		<description><![CDATA[For years, hedge funds have enjoyed pricing power.  The second half of 2008 has changed all that and has ushered in an era of not just lower, but "differentiated", fee structures.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/12/08/fee-conomics/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>High-Water Marks: High Risk Appetites? Convex Compensation, Long Horizons, and Portfolio Choice</title>
		<link>http://allaboutalpha.com/blog/2008/12/03/high-water-marks-high-risk-appetites-convex-compensation-long-horizons-and-portfolio-choice/</link>
		<comments>http://allaboutalpha.com/blog/2008/12/03/high-water-marks-high-risk-appetites-convex-compensation-long-horizons-and-portfolio-choice/#comments</comments>
		<pubDate>Wed, 03 Dec 2008 17:26:11 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Performance, Analytics & Metrics]]></category>
		<category><![CDATA[Posting Categories]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=3973</guid>
		<description><![CDATA[By: Stavros Panageas (University of Chicago GSB) and Mark M. Westerfield (University of Southern California)
Published: December 2008
Abstract: We study the optimal portfolio choice of hedge fund managers who are compensated by high-water mark contracts. Surprisingly, we find that even risk-neutral managers will not place unboundedly large weights on the risky assets, despite the option-type features [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/12/03/high-water-marks-high-risk-appetites-convex-compensation-long-horizons-and-portfolio-choice/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Promise of Hedge Fund Governance: How Incentive Compensation Can Enhance Institutional Investor Monitoring</title>
		<link>http://allaboutalpha.com/blog/2008/11/01/the-promise-of-hedge-fund-governance-how-incentive-compensation-can-enhance-institutional-investor-monitoring/</link>
		<comments>http://allaboutalpha.com/blog/2008/11/01/the-promise-of-hedge-fund-governance-how-incentive-compensation-can-enhance-institutional-investor-monitoring/#comments</comments>
		<pubDate>Sat, 01 Nov 2008 18:36:36 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Institutional Investing]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=4720</guid>
		<description><![CDATA[By: Robert C. Illig, University of Oregon School of Law
Published: Fall 2008
Abstract: Progressive legal scholars argue that institutional investors should play a greater role in disciplining corporate managers. These reformers seek to harness the talent and resources of mutual funds and public pension funds to increase managerial accountability to shareholder interests. Conservative scholars respond that [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/11/01/the-promise-of-hedge-fund-governance-how-incentive-compensation-can-enhance-institutional-investor-monitoring/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Annus horribilis for hedge funds illustrates benefits of performance-based fees</title>
		<link>http://allaboutalpha.com/blog/2008/09/25/annus-horribilis-for-hedge-funds-illustrates-benefits-of-performance-based-fees/</link>
		<comments>http://allaboutalpha.com/blog/2008/09/25/annus-horribilis-for-hedge-funds-illustrates-benefits-of-performance-based-fees/#comments</comments>
		<pubDate>Fri, 26 Sep 2008 01:52:52 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=3440</guid>
		<description><![CDATA[Hedge fund fees are often accused of being too high and too unresponsive to client or market pressures.  But difficult periods - such as 2008 - show how the hedge fund fee model actually benefits investors.  ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/09/25/annus-horribilis-for-hedge-funds-illustrates-benefits-of-performance-based-fees/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>McKinsey: Banner year for asset managers masks &#8220;toxic combination&#8221; of higher costs and lower growth</title>
		<link>http://allaboutalpha.com/blog/2008/09/10/mckinsey-banner-year-for-asset-managers-masks-toxic-combination-of-higher-costs-and-lower-growth/</link>
		<comments>http://allaboutalpha.com/blog/2008/09/10/mckinsey-banner-year-for-asset-managers-masks-toxic-combination-of-higher-costs-and-lower-growth/#comments</comments>
		<pubDate>Thu, 11 Sep 2008 01:00:20 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=3376</guid>
		<description><![CDATA[The results from a report released on Wednesday paint a sobering picture for asset managers. ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/09/10/mckinsey-banner-year-for-asset-managers-masks-toxic-combination-of-higher-costs-and-lower-growth/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Hedge Fund Structure, Skewness and Liquidity</title>
		<link>http://allaboutalpha.com/blog/2008/09/03/hedge-fund-structure-skewness-and-liquidity/</link>
		<comments>http://allaboutalpha.com/blog/2008/09/03/hedge-fund-structure-skewness-and-liquidity/#comments</comments>
		<pubDate>Wed, 03 Sep 2008 17:32:24 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Performance, Analytics & Metrics]]></category>
		<category><![CDATA[Posting Categories]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=3981</guid>
		<description><![CDATA[By: Chekib Ezzili (ESSEC Business School)
Published: September 2008
Abstract: The paper develops a model of the hedge fund industry in which the different fees charged (management fees and redemption fees) are determined endogenously in a competitive market setting. The heterogeneity in managerial skills, the wide variety of the hedge fund strategies and the existence of investors [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/09/03/hedge-fund-structure-skewness-and-liquidity/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>When the absence of incentive fees can give investors an Olympic-sized headache</title>
		<link>http://allaboutalpha.com/blog/2008/08/27/when-the-absence-of-incentive-fees-can-give-investors-an-olympic-sized-headache/</link>
		<comments>http://allaboutalpha.com/blog/2008/08/27/when-the-absence-of-incentive-fees-can-give-investors-an-olympic-sized-headache/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 01:00:25 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Today's Post]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=3230</guid>
		<description><![CDATA[Performance-based fees are often derided as way for hedge fund managers to fleece their clients.  So why do institutions keep paying them?]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/08/27/when-the-absence-of-incentive-fees-can-give-investors-an-olympic-sized-headache/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Fees: Six of one or half-dozen of the other.</title>
		<link>http://allaboutalpha.com/blog/2008/08/11/fees-six-of-one-or-half-dozen-of-the-other/</link>
		<comments>http://allaboutalpha.com/blog/2008/08/11/fees-six-of-one-or-half-dozen-of-the-other/#comments</comments>
		<pubDate>Tue, 12 Aug 2008 02:00:07 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/08/11/fees-six-of-one-or-half-dozen-of-the-other/</guid>
		<description><![CDATA[A recent Journal article ponders the unthinkable: Could hedge funds actually be a good deal? ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/08/11/fees-six-of-one-or-half-dozen-of-the-other/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Performance fees: a question of purpose</title>
		<link>http://allaboutalpha.com/blog/2008/08/02/performance-fees-a-question-of-purpose/</link>
		<comments>http://allaboutalpha.com/blog/2008/08/02/performance-fees-a-question-of-purpose/#comments</comments>
		<pubDate>Sat, 02 Aug 2008 05:04:00 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Posting Categories]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=3510</guid>
		<description><![CDATA[By: Grant Thornton
Published: August 2008
Abstract: Over 45% of listed, mainstream investment companies in the sample now remunerate the manager with some form of performance fee in addition to a basic management fee. Performance fees have therefore become commonplace and are seen to be a good and relatively new development. It is also commonly thought that [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/08/02/performance-fees-a-question-of-purpose/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Watson Wyatt: Investment managers now dominate the &#8220;pension fund food chain&#8221;</title>
		<link>http://allaboutalpha.com/blog/2008/07/21/watson-wyatt-investment-managers-now-dominate-the-pension-food-chain/</link>
		<comments>http://allaboutalpha.com/blog/2008/07/21/watson-wyatt-investment-managers-now-dominate-the-pension-food-chain/#comments</comments>
		<pubDate>Mon, 21 Jul 2008 06:18:35 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/07/21/watson-wyatt-investment-managers-now-dominate-the-pension-food-chain/</guid>
		<description><![CDATA[A report by Watson Wyatt shows that investment managers are winning in the pension sweepstakes...Guess who's losing.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/07/21/watson-wyatt-investment-managers-now-dominate-the-pension-food-chain/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>A Note on Hedge Fund Fees: the Best is Yet to Come</title>
		<link>http://allaboutalpha.com/blog/2008/07/09/a-note-on-hedge-fund-fees-the-best-is-yet-to-come/</link>
		<comments>http://allaboutalpha.com/blog/2008/07/09/a-note-on-hedge-fund-fees-the-best-is-yet-to-come/#comments</comments>
		<pubDate>Thu, 10 Jul 2008 02:00:32 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/07/09/a-note-on-hedge-fund-fees-the-best-is-yet-to-come/</guid>
		<description><![CDATA[In a guest posting today, veteran portable alpha advocate Angelo Calvello says hedge fund fees may look high - but they sure beat indexing.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/07/09/a-note-on-hedge-fund-fees-the-best-is-yet-to-come/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Researchers: If index funds are a commodity, why are their fees so divergent?</title>
		<link>http://allaboutalpha.com/blog/2008/07/02/researchers-if-index-funds-are-a-commodity-why-are-their-fees-so-divergent/</link>
		<comments>http://allaboutalpha.com/blog/2008/07/02/researchers-if-index-funds-are-a-commodity-why-are-their-fees-so-divergent/#comments</comments>
		<pubDate>Thu, 03 Jul 2008 02:00:19 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/07/02/researchers-if-index-funds-are-a-commodity-why-are-their-fees-so-divergent/</guid>
		<description><![CDATA[If index funds are a commodity, then why are institutional investors paying such divergent prices for them?  A research new study examines why.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/07/02/researchers-if-index-funds-are-a-commodity-why-are-their-fees-so-divergent/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Is the mutual fund industry competitive enough?</title>
		<link>http://allaboutalpha.com/blog/2008/06/25/is-the-mutual-fund-industry-competitive-enough/</link>
		<comments>http://allaboutalpha.com/blog/2008/06/25/is-the-mutual-fund-industry-competitive-enough/#comments</comments>
		<pubDate>Thu, 26 Jun 2008 02:55:32 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/06/25/is-the-mutual-fund-industry-competitive-enough/</guid>
		<description><![CDATA[Ever wondered why money management fees seem to be pretty stable even though the size of the average fund has grown over the years?  So have researchers...]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/06/25/is-the-mutual-fund-industry-competitive-enough/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>When it comes to hedge fund compensation, &#8220;social usefulness&#8221; is a red-herring</title>
		<link>http://allaboutalpha.com/blog/2008/06/18/when-it-comes-to-hedge-fund-compensation-social-usefulness-is-a-red-herring/</link>
		<comments>http://allaboutalpha.com/blog/2008/06/18/when-it-comes-to-hedge-fund-compensation-social-usefulness-is-a-red-herring/#comments</comments>
		<pubDate>Thu, 19 Jun 2008 02:01:08 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/06/18/when-it-comes-to-hedge-fund-compensation-social-usefulness-is-a-red-herring/</guid>
		<description><![CDATA[Forget the "social usefulness" of hedge funds, hedge entrepreneurs and traditional entrepreneurs have a lot more in common than that.    ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/06/18/when-it-comes-to-hedge-fund-compensation-social-usefulness-is-a-red-herring/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Buffett&#8217;s horse race</title>
		<link>http://allaboutalpha.com/blog/2008/06/12/buffetts-horse-race/</link>
		<comments>http://allaboutalpha.com/blog/2008/06/12/buffetts-horse-race/#comments</comments>
		<pubDate>Fri, 13 Jun 2008 02:00:11 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/06/12/buffetts-horse-race/</guid>
		<description><![CDATA[Buffett's bet that a prominent hedge fund can't beat the S&#038;P raises a bunch of issues.  Here are some comments and an analysis of his odds.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/06/12/buffetts-horse-race/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Silos, flesh wounds, the &#8220;disintermediation&#8221; of poultry, and a call to action</title>
		<link>http://allaboutalpha.com/blog/2008/06/04/silos-flesh-wounds-the-disintermediation-of-poultry-and-a-call-to-action/</link>
		<comments>http://allaboutalpha.com/blog/2008/06/04/silos-flesh-wounds-the-disintermediation-of-poultry-and-a-call-to-action/#comments</comments>
		<pubDate>Wed, 04 Jun 2008 05:21:00 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Alternative Beta & Hedge Fund Replication]]></category>
		<category><![CDATA[Hedge Fund Industry Trends]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/06/04/silos-flesh-wounds-the-disintermediation-of-poultry-and-a-call-to-action/</guid>
		<description><![CDATA[Experts ranging from LBS's Narayan Naik to Stanford's Myron Scholes weighed-in on everything from organizational silos to economic first aid in London today.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/06/04/silos-flesh-wounds-the-disintermediation-of-poultry-and-a-call-to-action/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>How much would you pay for a free (McAlpha Meal) lunch?</title>
		<link>http://allaboutalpha.com/blog/2008/05/20/how-much-would-you-pay-for-a-free-mcalpha-meal-lunch/</link>
		<comments>http://allaboutalpha.com/blog/2008/05/20/how-much-would-you-pay-for-a-free-mcalpha-meal-lunch/#comments</comments>
		<pubDate>Wed, 21 May 2008 01:59:29 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/05/20/how-much-would-you-pay-for-a-free-mcalpha-meal-lunch/</guid>
		<description><![CDATA[Imagine that financial markets were a McDonald&#8217;s restaurant.  Now imagine that the Golden Arches was running a promotion on its $5 &#8220;McAlpha&#8221; sandwich meal deal.  The sandwich, along with fries and a Coke was free while supplies last. 
But there&#8217;s a catch.  As stocks of this tasty free lunch dwindle, you will be able to bid up [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/05/20/how-much-would-you-pay-for-a-free-mcalpha-meal-lunch/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Effort, Risk and Walkaway Under High Water Mark Style Contracts</title>
		<link>http://allaboutalpha.com/blog/2008/05/10/effort-risk-and-walkaway-under-high-water-mark-style-contracts/</link>
		<comments>http://allaboutalpha.com/blog/2008/05/10/effort-risk-and-walkaway-under-high-water-mark-style-contracts/#comments</comments>
		<pubDate>Sat, 10 May 2008 12:12:38 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Posting Categories]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=2728</guid>
		<description><![CDATA[By: Indraneel Chakraborty and Sugata Ray (University of Pennsylvania)
Published: May 2008
Abstract: We study a hedge fund style contract in which performance fees with a high water mark drive a fund manager&#8217;s effort and risk choices as well as walkaway decisions by the investor. Modeling such a relationship, we derive empirical predictions of the impact of [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/05/10/effort-risk-and-walkaway-under-high-water-mark-style-contracts/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Study is first to examine the secondary market for stakes in hedge funds</title>
		<link>http://allaboutalpha.com/blog/2008/05/05/study-is-first-to-examine-the-secondary-market-for-stakes-in-hedge-funds/</link>
		<comments>http://allaboutalpha.com/blog/2008/05/05/study-is-first-to-examine-the-secondary-market-for-stakes-in-hedge-funds/#comments</comments>
		<pubDate>Tue, 06 May 2008 01:37:12 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/05/05/study-is-first-to-examine-the-secondary-market-for-stakes-in-hedge-funds/</guid>
		<description><![CDATA[Buying a hedge fund has always been a yes/no decision.  But there is a small secondary market for hedge fund units, and it can provide some interesting insights.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/05/05/study-is-first-to-examine-the-secondary-market-for-stakes-in-hedge-funds/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Skeptics to hedge fund managers: Your alpha has been faked!</title>
		<link>http://allaboutalpha.com/blog/2008/04/03/skeptics-to-hedge-fund-managers-your-alpha-has-been-faked/</link>
		<comments>http://allaboutalpha.com/blog/2008/04/03/skeptics-to-hedge-fund-managers-your-alpha-has-been-faked/#comments</comments>
		<pubDate>Fri, 04 Apr 2008 02:00:22 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[CAPM / Alpha Theory]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Performance, Analytics & Metrics]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/04/03/skeptics-to-hedge-fund-managers-your-alpha-has-been-faked/</guid>
		<description><![CDATA[There's a debate brewing in the hedge fund community right now over an academic paper on hedge fund alpha.  Here's what you need to know.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/04/03/skeptics-to-hedge-fund-managers-your-alpha-has-been-faked/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>The End of (asset management) History?</title>
		<link>http://allaboutalpha.com/blog/2008/03/12/the-end-of-asset-management-history/</link>
		<comments>http://allaboutalpha.com/blog/2008/03/12/the-end-of-asset-management-history/#comments</comments>
		<pubDate>Thu, 13 Mar 2008 00:45:45 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[CAPM / Alpha Theory]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/03/12/the-end-of-asset-management-history/</guid>
		<description><![CDATA[If the history of asset management could be characterized as a struggle between active and passive management, are we nearing the end?]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/03/12/the-end-of-asset-management-history/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>January turmoil has &#8220;sharpened the argument for the convergence of traditional and alternative asset management&#8221;: Report</title>
		<link>http://allaboutalpha.com/blog/2008/02/19/january-turmoil-has-sharpened-the-argument-for-the-convergence-of-traditional-and-alternative-asset-management-report/</link>
		<comments>http://allaboutalpha.com/blog/2008/02/19/january-turmoil-has-sharpened-the-argument-for-the-convergence-of-traditional-and-alternative-asset-management-report/#comments</comments>
		<pubDate>Wed, 20 Feb 2008 00:13:37 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Hedge Fund Industry Trends]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/02/19/january-turmoil-has-sharpened-the-argument-for-the-convergence-of-traditional-and-alternative-asset-management-report/</guid>
		<description><![CDATA[A comprehensive new report provides evidence of what we see as an alpha-centric revolution in asset management.  ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/02/19/january-turmoil-has-sharpened-the-argument-for-the-convergence-of-traditional-and-alternative-asset-management-report/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>2007 data suggests 130/30 outperforms</title>
		<link>http://allaboutalpha.com/blog/2008/01/29/2007-data-suggests-13030-outperforms/</link>
		<comments>http://allaboutalpha.com/blog/2008/01/29/2007-data-suggests-13030-outperforms/#comments</comments>
		<pubDate>Wed, 30 Jan 2008 02:00:01 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[130/30]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/01/29/2007-data-suggests-13030-outperforms/</guid>
		<description><![CDATA[Data hot off the press suggests 130/30 funds have out-performed the market for the 5th year running - with higher fees.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/01/29/2007-data-suggests-13030-outperforms/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>New research illustrates wide-ranging implications of the ubiquitous &#8220;high water mark&#8221;</title>
		<link>http://allaboutalpha.com/blog/2008/01/21/new-research-illustrates-wide-ranging-implications-of-the-ubiquitous-high-water-mark/</link>
		<comments>http://allaboutalpha.com/blog/2008/01/21/new-research-illustrates-wide-ranging-implications-of-the-ubiquitous-high-water-mark/#comments</comments>
		<pubDate>Mon, 21 Jan 2008 23:25:42 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/01/21/new-research-illustrates-wide-ranging-implications-of-the-ubiquitous-high-water-mark/</guid>
		<description><![CDATA[The "high water mark" sounds so simple.  Get back any losses before you earn an incentive fee.  But this simple idea can affect managers in many unforeseen ways.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/01/21/new-research-illustrates-wide-ranging-implications-of-the-ubiquitous-high-water-mark/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>New paper explains &#8220;muted demand&#8221; for portable alpha</title>
		<link>http://allaboutalpha.com/blog/2008/01/03/new-paper-explains-muted-demand-for-portable-alpha/</link>
		<comments>http://allaboutalpha.com/blog/2008/01/03/new-paper-explains-muted-demand-for-portable-alpha/#comments</comments>
		<pubDate>Fri, 04 Jan 2008 01:00:11 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[CAPM / Alpha Theory]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Performance, Analytics & Metrics]]></category>
		<category><![CDATA[Portable Alpha & Alpha/Beta Separation]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2008/01/03/new-paper-explains-muted-demand-for-portable-alpha/</guid>
		<description><![CDATA[When arguments can be made that 130/30 investing and portable alpha are cousins, why then has 130/30 become the cat's meow and portable alpha growth is "muted"?  Two academics have a theory.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2008/01/03/new-paper-explains-muted-demand-for-portable-alpha/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>A closer look at Bear&#8217;s new 130/30 mutual fund</title>
		<link>http://allaboutalpha.com/blog/2007/12/19/a-closer-look-at-bears-new-13030-mutual-fund/</link>
		<comments>http://allaboutalpha.com/blog/2007/12/19/a-closer-look-at-bears-new-13030-mutual-fund/#comments</comments>
		<pubDate>Thu, 20 Dec 2007 01:00:20 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/12/19/a-closer-look-at-bears-new-13030-mutual-fund/</guid>
		<description><![CDATA[Bear Stearns has surprised industry observers by launching a new mutual fund.  Here are some of the prospectus details you probably won't find in the media.    ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/12/19/a-closer-look-at-bears-new-13030-mutual-fund/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Fifth birthday of bull run making mutual funds look better than they are</title>
		<link>http://allaboutalpha.com/blog/2007/12/12/fifth-birthday-of-bull-run-making-mutual-funds-look-better-than-they-are/</link>
		<comments>http://allaboutalpha.com/blog/2007/12/12/fifth-birthday-of-bull-run-making-mutual-funds-look-better-than-they-are/#comments</comments>
		<pubDate>Thu, 13 Dec 2007 01:00:11 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Performance, Analytics & Metrics]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/12/12/fifth-birthday-of-bull-run-making-mutual-funds-look-better-than-they-are/</guid>
		<description><![CDATA[Markets hit rock bottom five years ago this fall.  As a result, 5 year returns are currently peaking - making closet indexing mutual funds look pretty smart...too smart.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/12/12/fifth-birthday-of-bull-run-making-mutual-funds-look-better-than-they-are/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Lipper predicts British mutual funds will be &#8220;increasingly influenced&#8221; by hedge fund fees</title>
		<link>http://allaboutalpha.com/blog/2007/12/10/lipper-predicts-british-mutual-funds-will-be-increasingly-influenced-by-hedge-fund-fees/</link>
		<comments>http://allaboutalpha.com/blog/2007/12/10/lipper-predicts-british-mutual-funds-will-be-increasingly-influenced-by-hedge-fund-fees/#comments</comments>
		<pubDate>Tue, 11 Dec 2007 00:58:18 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/12/10/lipper-predicts-british-mutual-funds-will-be-increasingly-influenced-by-hedge-fund-fees/</guid>
		<description><![CDATA[Thomson News reports today on a Lipper study of UK mutual funds that shows many have not implemented performance fees in the wake of regulatory liberalisation.  The following observation from Lipper illustrates why the seemingly benign and boring topic of fees is central to alpha-centric investing.
&#8220;As part of the wider industry phenomenon of differentiating between premium [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/12/10/lipper-predicts-british-mutual-funds-will-be-increasingly-influenced-by-hedge-fund-fees/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Is the 130/30 price right?</title>
		<link>http://allaboutalpha.com/blog/2007/11/28/is-the-price-right/</link>
		<comments>http://allaboutalpha.com/blog/2007/11/28/is-the-price-right/#comments</comments>
		<pubDate>Thu, 29 Nov 2007 01:00:18 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[130/30]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/11/28/is-the-price-right/</guid>
		<description><![CDATA[Like contestants on the venerable game show, The Price is Right, institutional investors seem to be taking wild guesses at the right price for 130/30 funds.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/11/28/is-the-price-right/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Unscrambling the performance fee egg yields new insights into hedge fund returns</title>
		<link>http://allaboutalpha.com/blog/2007/11/25/unscrambling-the-performance-fee-egg-yields-new-insights-into-hedge-fund-returns/</link>
		<comments>http://allaboutalpha.com/blog/2007/11/25/unscrambling-the-performance-fee-egg-yields-new-insights-into-hedge-fund-returns/#comments</comments>
		<pubDate>Mon, 26 Nov 2007 01:00:31 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/11/25/unscrambling-the-performance-fee-egg-yields-new-insights-into-hedge-fund-returns/</guid>
		<description><![CDATA[A new study suggests that some of the characteristics of hedge fund returns are not a result of their investment strategies, but are instead a result of their performance fee model.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/11/25/unscrambling-the-performance-fee-egg-yields-new-insights-into-hedge-fund-returns/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>The Hedge Fund Game: Incentives, Excess Returns, and Piggy-Backing</title>
		<link>http://allaboutalpha.com/blog/2007/11/16/the-hedge-fund-game-incentives-excess-returns-and-piggy%e2%80%90backing/</link>
		<comments>http://allaboutalpha.com/blog/2007/11/16/the-hedge-fund-game-incentives-excess-returns-and-piggy%e2%80%90backing/#comments</comments>
		<pubDate>Fri, 16 Nov 2007 19:53:14 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=2510</guid>
		<description><![CDATA[By: Dean Foster, Peyton Young
Published:  November 2007
Abstract: We show that it is very difficult to structure incentive schemes that distinguish between unskilled hedge fund managers, who cannot generate excess returns, and highly skilled managers who can consistently deliver such returns. Under any incentive scheme that does not levy penalties for underperformance managers with no investment [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/11/16/the-hedge-fund-game-incentives-excess-returns-and-piggy%e2%80%90backing/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Role of Managerial Incentives and Discretion in Hedge Fund Performance</title>
		<link>http://allaboutalpha.com/blog/2007/10/10/role-of-managerial-incentives-and-discretion-in-hedge-fund-performance/</link>
		<comments>http://allaboutalpha.com/blog/2007/10/10/role-of-managerial-incentives-and-discretion-in-hedge-fund-performance/#comments</comments>
		<pubDate>Wed, 10 Oct 2007 13:02:26 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Performance, Analytics & Metrics]]></category>
		<category><![CDATA[Posting Categories]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=2720</guid>
		<description><![CDATA[By: Vikas Agarwal (GSU), Naveen Daniel (Drexel) and Narayan Naik (LBS)
Published: October 2007
Abstract: Using a comprehensive hedge fund database, we examine the role of managerial incentives and discretion in hedge fund performance. Hedge funds with greater managerial incentives, proxied by the delta of the option-like incentive fee contracts, higher levels of managerial ownership, and the [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/10/10/role-of-managerial-incentives-and-discretion-in-hedge-fund-performance/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Hedge Fund Fee Cuts: Benevolence or Conflict of Interest?</title>
		<link>http://allaboutalpha.com/blog/2007/08/29/hedge-fund-fee-cuts-benevolence-or-conflict-of-interest/</link>
		<comments>http://allaboutalpha.com/blog/2007/08/29/hedge-fund-fee-cuts-benevolence-or-conflict-of-interest/#comments</comments>
		<pubDate>Wed, 29 Aug 2007 16:44:24 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/08/29/hedge-fund-fee-cuts-benevolence-or-conflict-of-interest/</guid>
		<description><![CDATA[Recent examples of hedge funds cutting fees raise questions about the appropriateness of such arbitrary adjustments. ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/08/29/hedge-fund-fee-cuts-benevolence-or-conflict-of-interest/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Short-bias hedge funds: Masochists or Yeomen?</title>
		<link>http://allaboutalpha.com/blog/2007/07/17/short-bias-hedge-funds-masochists-or-yeomen/</link>
		<comments>http://allaboutalpha.com/blog/2007/07/17/short-bias-hedge-funds-masochists-or-yeomen/#comments</comments>
		<pubDate>Wed, 18 Jul 2007 02:00:09 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/07/17/short-bias-hedge-funds-masochists-or-yeomen/</guid>
		<description><![CDATA[In general, short-bias hedge funds rarely make money on a consistent basis.  But at least one hedge fund group believes short-bias funds produce a lot of alpha - and they're willing to pay for it. ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/07/17/short-bias-hedge-funds-masochists-or-yeomen/feed/</wfw:commentRss>
		<slash:comments>5</slash:comments>
		</item>
		<item>
		<title>Fee Squeeze: A Tale of Two Greeks</title>
		<link>http://allaboutalpha.com/blog/2007/07/10/fee-pressure-a-tale-of-two-greeks/</link>
		<comments>http://allaboutalpha.com/blog/2007/07/10/fee-pressure-a-tale-of-two-greeks/#comments</comments>
		<pubDate>Wed, 11 Jul 2007 04:00:54 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/07/09/fee-pressure-a-tale-of-two-greeks/</guid>
		<description><![CDATA[Recent media reports on hedge fund fees seem to paint a picture of both feast and famine.  Who's right and who's wrong?  It depends on your favorite Greek.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/07/10/fee-pressure-a-tale-of-two-greeks/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Hedge funds&#8217; next fee challenge: skimming the consumer surplus</title>
		<link>http://allaboutalpha.com/blog/2007/07/02/hedge-funds-next-fee-challenge-skimming-the-consumer-surplus/</link>
		<comments>http://allaboutalpha.com/blog/2007/07/02/hedge-funds-next-fee-challenge-skimming-the-consumer-surplus/#comments</comments>
		<pubDate>Tue, 03 Jul 2007 00:20:59 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/07/02/hedge-funds-next-fee-challenge-skimming-the-consumer-surplus/</guid>
		<description><![CDATA[Funds of hedge funds are facing growing fee pressures.  With the entry of penny-pinching institutions into the hedge fund market, how can these funds win new business while maintaining higher fees from legacy clients.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/07/02/hedge-funds-next-fee-challenge-skimming-the-consumer-surplus/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>&#8220;Operational Alpha&#8221;</title>
		<link>http://allaboutalpha.com/blog/2007/06/20/operational-alpha/</link>
		<comments>http://allaboutalpha.com/blog/2007/06/20/operational-alpha/#comments</comments>
		<pubDate>Thu, 21 Jun 2007 01:56:22 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[CAPM / Alpha Theory]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/06/20/operational-alpha/</guid>
		<description><![CDATA[As the hedge fund industry matures, mega-managers are spinning out their back-offices into separate businesses.  And all of a sudden, back-office backwaters are irrigating alpha country. ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/06/20/operational-alpha/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>An Inconvenient Truth</title>
		<link>http://allaboutalpha.com/blog/2007/06/19/an-inconvenient-truth/</link>
		<comments>http://allaboutalpha.com/blog/2007/06/19/an-inconvenient-truth/#comments</comments>
		<pubDate>Tue, 19 Jun 2007 22:23:31 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/06/19/an-inconvenient-truth/</guid>
		<description><![CDATA[Investment News ran an editorial yesterday that is sure to raise the hackles of some in the advisory community.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/06/19/an-inconvenient-truth/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>What do Fiduciaries, ETFs and 12b-1 Fees Have in Common?</title>
		<link>http://allaboutalpha.com/blog/2007/06/05/what-do-fiduciaries-etfs-and-12b-1-fees-have-in-common/</link>
		<comments>http://allaboutalpha.com/blog/2007/06/05/what-do-fiduciaries-etfs-and-12b-1-fees-have-in-common/#comments</comments>
		<pubDate>Wed, 06 Jun 2007 03:17:23 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Hedge Fund Regulation]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/06/05/what-do-fiduciaries-etfs-and-12b-1-fees-have-in-common/</guid>
		<description><![CDATA[By forcing the unbundling of retail financial services, recent regulatory developments have fundamental implications for alpha-centric investing.   ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/06/05/what-do-fiduciaries-etfs-and-12b-1-fees-have-in-common/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>How an 8 (or 10) figure income can make sense</title>
		<link>http://allaboutalpha.com/blog/2007/05/24/how-an-8-or-10-figure-income-can-make-sense/</link>
		<comments>http://allaboutalpha.com/blog/2007/05/24/how-an-8-or-10-figure-income-can-make-sense/#comments</comments>
		<pubDate>Thu, 24 May 2007 23:58:00 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/05/24/how-an-8-or-10-figure-income-can-make-sense/</guid>
		<description><![CDATA[Why did hedgie Jim Simon's get paid $1.7 billion last year?  For that matter, why did Roger Clemens get over $20 million for a curtain call with the Yankees this year?    ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/05/24/how-an-8-or-10-figure-income-can-make-sense/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Business Week hedge fund story is so &#8220;2005&#8243;</title>
		<link>http://allaboutalpha.com/blog/2007/04/26/business-week-hedge-fund-story-is-so-2005/</link>
		<comments>http://allaboutalpha.com/blog/2007/04/26/business-week-hedge-fund-story-is-so-2005/#comments</comments>
		<pubDate>Thu, 26 Apr 2007 23:10:02 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Media Coverage of Hedge Funds]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/04/26/business-week-hedge-fund-story-is-so-2005/</guid>
		<description><![CDATA[Alpha Male takes issue with Business Week's apples to oranges comparison of hedge fund and long-only fees.  ]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/04/26/business-week-hedge-fund-story-is-so-2005/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Alpha-centric Investing on Main Street</title>
		<link>http://allaboutalpha.com/blog/2007/04/25/alpha-centric-investing-on-main-street/</link>
		<comments>http://allaboutalpha.com/blog/2007/04/25/alpha-centric-investing-on-main-street/#comments</comments>
		<pubDate>Thu, 26 Apr 2007 00:11:32 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/04/25/alpha-centric-investing-on-main-street/</guid>
		<description><![CDATA[A financial advisor predicts in this month's Financial Advisor magazine that "In the years to come, advisors will use alpha as a basis for charging client fees."]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/04/25/alpha-centric-investing-on-main-street/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Bridgewater: Hedge fund leverage now at levels not seen since LTCM</title>
		<link>http://allaboutalpha.com/blog/2007/04/19/bridgewater-hedge-fund-leverage-now-at-levels-not-seen-since-ltcm/</link>
		<comments>http://allaboutalpha.com/blog/2007/04/19/bridgewater-hedge-fund-leverage-now-at-levels-not-seen-since-ltcm/#comments</comments>
		<pubDate>Thu, 19 Apr 2007 15:09:43 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Alternative Beta & Hedge Fund Replication]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/04/19/bridgewater-hedge-fund-leverage-now-at-levels-not-seen-since-ltcm/</guid>
		<description><![CDATA[Bridgewater is the quintessential "alpha-centric" investor.  But in this note, it argues that hedge funds are overly leveraged, replicatable using simple factors, and unlikely to perform when risk increases.]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/04/19/bridgewater-hedge-fund-leverage-now-at-levels-not-seen-since-ltcm/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Buffett and the &#8220;2-and-20 crowd&#8221;</title>
		<link>http://allaboutalpha.com/blog/2007/04/06/buffet-and-the-2-and-20-crowd/</link>
		<comments>http://allaboutalpha.com/blog/2007/04/06/buffet-and-the-2-and-20-crowd/#comments</comments>
		<pubDate>Fri, 06 Apr 2007 20:59:59 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/04/06/buffet-and-the-2-and-20-crowd/</guid>
		<description><![CDATA[Warren Buffett's 2006 letter to Berkshire Hathaway shareholders takes a swipe at what he calls "the 2 and 20 crowd" (a.k.a. hedge funds).  But if Berkshire was a mutual fund, it wouldn't come that cheap either...]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/04/06/buffet-and-the-2-and-20-crowd/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Performance Fees: Paying the piper even when the band doesn&#8217;t show up</title>
		<link>http://allaboutalpha.com/blog/2007/03/11/performance-fees-paying-the-piper-even-when-the-band-doesnt-show-up/</link>
		<comments>http://allaboutalpha.com/blog/2007/03/11/performance-fees-paying-the-piper-even-when-the-band-doesnt-show-up/#comments</comments>
		<pubDate>Mon, 12 Mar 2007 03:59:04 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/03/11/performance-fees-paying-the-piper-even-when-the-band-doesnt-show-up/</guid>
		<description><![CDATA[Last week both Ford and Delta got off their deathbeds to hand out goodies to many of their employees.  Response was swift as bloggers and columnists asked why a company like Ford that lost $12.7 billion last year was in a position to hand out anything at all.  &#8220;What a waste!&#8221;, bloggers wrote.  &#8220;It&#8217;s all so [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/03/11/performance-fees-paying-the-piper-even-when-the-band-doesnt-show-up/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Long-only mutual funds with performance fees?  You don&#8217;t see that every day&#8230;</title>
		<link>http://allaboutalpha.com/blog/2007/03/05/long-only-mutual-funds-with-performance-fees-you-dont-see-that-every-day/</link>
		<comments>http://allaboutalpha.com/blog/2007/03/05/long-only-mutual-funds-with-performance-fees-you-dont-see-that-every-day/#comments</comments>
		<pubDate>Tue, 06 Mar 2007 01:57:53 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/03/05/long-only-mutual-funds-with-performance-fees-you-dont-see-that-every-day/</guid>
		<description><![CDATA[The plot thickens in the continued blurring of the lines between your friendly neighbourhood mutual funds and those dastardly hedge funds.  According to this story by Investment News, Lipper covers over 200 mutual funds with a performance fee.  But catch this: 56% of these funds are managed by one company: Fidelity.
Geoff Bobroff, a fund industry [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/03/05/long-only-mutual-funds-with-performance-fees-you-dont-see-that-every-day/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Surprise: Pension Funds Like Performance Fees After All</title>
		<link>http://allaboutalpha.com/blog/2007/02/19/surprise-pension-funds-like-performance-fees-after-all/</link>
		<comments>http://allaboutalpha.com/blog/2007/02/19/surprise-pension-funds-like-performance-fees-after-all/#comments</comments>
		<pubDate>Mon, 19 Feb 2007 23:45:05 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/02/19/surprise-pension-funds-like-performance-fees-after-all/</guid>
		<description><![CDATA[The hedge fund industry didn&#8217;t invent the performance fee.  Clearly, performance-based pay has been around a long time.  Large organizations have been dealing with the asymmetry, risk mis-alignment, and cultural resistance that come with performance-based compensation for years.  So we thought it would be interesting to explore existing examples of performance fees to see what lessons might be gleaned.
In its [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/02/19/surprise-pension-funds-like-performance-fees-after-all/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Hurdle Rates: Institutions Need To Take the First Step</title>
		<link>http://allaboutalpha.com/blog/2007/02/15/hurdle-rates-institutions-need-to-take-the-first-step/</link>
		<comments>http://allaboutalpha.com/blog/2007/02/15/hurdle-rates-institutions-need-to-take-the-first-step/#comments</comments>
		<pubDate>Fri, 16 Feb 2007 01:04:45 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/02/15/hurdle-rates-institutions-need-to-take-the-first-step/</guid>
		<description><![CDATA[UK-based hedge fund magazine Hedge Funds Review responded to yesterday&#8217;s posting on hurdle rates with a posting that suggests institutional investors should take the lead on factoring alternative beta into hedge fund pricing.
Hedge Fund Review&#8217;s Solomon Teague agrees that the performance fee debate isn&#8217;t going away any time soon.   
&#8220;In a world of alternative betas, you [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/02/15/hurdle-rates-institutions-need-to-take-the-first-step/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Hurdle Rates: The (Missing) Link Between Beta and Hedge Fund Fees</title>
		<link>http://allaboutalpha.com/blog/2007/02/14/hurdle-rates-the-missing-link-between-beta-and-hedge-fund-fees/</link>
		<comments>http://allaboutalpha.com/blog/2007/02/14/hurdle-rates-the-missing-link-between-beta-and-hedge-fund-fees/#comments</comments>
		<pubDate>Thu, 15 Feb 2007 02:32:03 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/02/14/hurdle-rates-the-missing-link-between-beta-and-hedge-fund-fees/</guid>
		<description><![CDATA[Ever typed Hedge Fund into Wikipedia? Here&#8217;s an excerpt of what you get:
&#8220;A hedge fund is a private investment fund charging a performance fee and typically open to only a limited number of investors
Funds may also specify a &#8216;hurdle&#8217;, which signifies that the fund will not charge a performance fee until its annualized performance exceeds [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/02/14/hurdle-rates-the-missing-link-between-beta-and-hedge-fund-fees/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Comment: &#8220;Premium&#8221; Hedge Fund Fees</title>
		<link>http://allaboutalpha.com/blog/2007/01/30/comment-premium-hedge-fund-fees/</link>
		<comments>http://allaboutalpha.com/blog/2007/01/30/comment-premium-hedge-fund-fees/#comments</comments>
		<pubDate>Wed, 31 Jan 2007 04:08:34 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/01/30/comment-premium-hedge-fund-fees/</guid>
		<description><![CDATA[Institutional Investor&#8217;s Daily ii reports today on a story at Financial News Online about hedge funds that charge more than the regular 2% management fee and 20% performance fee.  According to Financial News Online, over half of these premium-priced hedge funds underperformed the average of &#8220;their cheaper peers&#8221; and most underperformed the S&#38;P.  Reports Daily [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/01/30/comment-premium-hedge-fund-fees/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>More Bad News for Mutual Funds</title>
		<link>http://allaboutalpha.com/blog/2007/01/25/more-bad-news-for-mutual-funds/</link>
		<comments>http://allaboutalpha.com/blog/2007/01/25/more-bad-news-for-mutual-funds/#comments</comments>
		<pubDate>Fri, 26 Jan 2007 02:23:40 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/01/25/more-bad-news-for-mutual-funds/</guid>
		<description><![CDATA[&#8220;Improved Study Finds Index Management Usually Outperforms Active Management&#8221;
By: Millicent Holmes, Brownson, Rehmus &#38; Foxworth Inc.
Published: Journal of Financial Planning, January 2007
The debate over whether hedge funds produce any alpha is essentially the same as the age-old debate between active and passive management.  This recent piece of research weights in on the state of actively [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/01/25/more-bad-news-for-mutual-funds/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Unified managed accounts are in vogue, but watch the fees</title>
		<link>http://allaboutalpha.com/blog/2007/01/21/unified-managed-accounts-are-in-vogue-but-watch-the-fees/</link>
		<comments>http://allaboutalpha.com/blog/2007/01/21/unified-managed-accounts-are-in-vogue-but-watch-the-fees/#comments</comments>
		<pubDate>Mon, 22 Jan 2007 03:01:30 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/01/21/unified-managed-accounts-are-in-vogue-but-watch-the-fees/</guid>
		<description><![CDATA[By: Will Swarts, SmartMoney.com
Published: January 12, 2007
A quick follow-up to our posting on UMAs being an enabling technology for retail adoption of portable alpha: this article illustrates we&#8217;re not alone in our belief.
&#8220;Unified managed accounts expand on the basic function of conventional SMAs, which allow investors to own actual shares of stock, rather than shares of [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/01/21/unified-managed-accounts-are-in-vogue-but-watch-the-fees/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Measuring The True Cost of Active Management</title>
		<link>http://allaboutalpha.com/blog/2007/01/15/measuring-the-true-cost-of-active-management/</link>
		<comments>http://allaboutalpha.com/blog/2007/01/15/measuring-the-true-cost-of-active-management/#comments</comments>
		<pubDate>Mon, 15 Jan 2007 21:43:39 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=2459</guid>
		<description><![CDATA[By: Ross Miller
Published: August 2005 (original), January 2007 (Journal of Investment Management)
Abstract: Recent years have seen a dramatic shift from mutual funds into hedge funds even though hedge funds charge management fees that have been decried as outrageous. While expectations of superior returns may be responsible for this shift, this article shows that mutual funds [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/01/15/measuring-the-true-cost-of-active-management/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Spotlight&#8217;s on Index Funds&#8217; Expenses</title>
		<link>http://allaboutalpha.com/blog/2007/01/14/spotlights-on-index-funds-expenses/</link>
		<comments>http://allaboutalpha.com/blog/2007/01/14/spotlights-on-index-funds-expenses/#comments</comments>
		<pubDate>Mon, 15 Jan 2007 02:41:48 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/01/14/spotlights-on-index-funds-expenses/</guid>
		<description><![CDATA[By: Lawrence Strauss, Barron&#8217;s
Published: January 15, 2007
There is little argument that many mutual funds contain a whack of beta and very little alpha.  So a mutual-fund-replicating portfolio comprising explicitly of both alpha and beta would naturally require a lot more beta than it would alpha.  That&#8217;s why the price of beta is so critical to making [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/01/14/spotlights-on-index-funds-expenses/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Ineichen: &#8220;No Skill Involved&#8221; in Managing Most Mutual Funds</title>
		<link>http://allaboutalpha.com/blog/2007/01/03/ineichen-no-skill-involved-in-managing-most-mutual-funds/</link>
		<comments>http://allaboutalpha.com/blog/2007/01/03/ineichen-no-skill-involved-in-managing-most-mutual-funds/#comments</comments>
		<pubDate>Thu, 04 Jan 2007 01:17:10 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2007/01/03/ineichen-no-skill-involved-in-managing-most-mutual-funds/</guid>
		<description><![CDATA[Those of you in the hedge fund industry will recognize the name Alexander Ineichen. Ineichen has written several of the studies that form the foundation of today&#8217;s alpha-centric investing paradigm. Last month his new book, Asymmetric Returns hit book stores. We mentioned it on this blog and promptly reserved the first available copy to be [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2007/01/03/ineichen-no-skill-involved-in-managing-most-mutual-funds/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Some wealth managers restructure fees</title>
		<link>http://allaboutalpha.com/blog/2006/12/14/some-wealth-managers-restructure-fees/</link>
		<comments>http://allaboutalpha.com/blog/2006/12/14/some-wealth-managers-restructure-fees/#comments</comments>
		<pubDate>Fri, 15 Dec 2006 02:21:36 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2006/11/19/some-wealth-managers-restructure-fees/</guid>
		<description><![CDATA[By: Charles Paikert, Investment News
Published: October 16, 2006
Investment News has run a couple of stories recently suggesting a new fee-model is on the horizon for the retail advisory and wealth management industries.  The first, described here, appeared about a month ago.  The second (next post) ran a couple of weeks later.
Said Investment News:
&#8220;The wealth management industry&#8217;s traditional [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/12/14/some-wealth-managers-restructure-fees/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Incentives and Risk Taking in Hedge Funds</title>
		<link>http://allaboutalpha.com/blog/2006/12/14/incentives-and-risk-taking-in-hedge-funds/</link>
		<comments>http://allaboutalpha.com/blog/2006/12/14/incentives-and-risk-taking-in-hedge-funds/#comments</comments>
		<pubDate>Thu, 14 Dec 2006 22:59:48 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2006/12/14/incentives-and-risk-taking-in-hedge-funds/</guid>
		<description><![CDATA[By: Roy Kouwenberg, Asian Institute of Technology &#38; Erasmus University, William Ziemba, University of British Columbia
Published: July 2005
Lacking any common definition of the term &#8220;hedge fund&#8221; many use the moniker to refer to a fund that is a) is &#8220;unregulated&#8221; and b) involves some kind of unique fee structure such as a performance fee.
So this paper on the effect of [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/12/14/incentives-and-risk-taking-in-hedge-funds/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Potential Implications of Rapuano&#8217;s Break with the Pack</title>
		<link>http://allaboutalpha.com/blog/2006/11/20/potential-implications-of-rapuanos-break-with-the-pack/</link>
		<comments>http://allaboutalpha.com/blog/2006/11/20/potential-implications-of-rapuanos-break-with-the-pack/#comments</comments>
		<pubDate>Tue, 21 Nov 2006 01:59:39 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2006/11/20/potential-implications-of-rapuanos-break-with-the-pack/</guid>
		<description><![CDATA[The hedge fund community is in a tizzy about value investor Lisa Rapuano&#8217;s break from the pack regarding hedge fund fee structures.  As the New York Times details, she is launching a new fund with a 40% performance fee that is calculated triennially instead of once a year.
While &#8220;40%&#8221; and &#8220;triennial&#8221; make great headlines, it&#8217;s [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/11/20/potential-implications-of-rapuanos-break-with-the-pack/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Many Registered Representatives Would Prefer to Be Fee Only</title>
		<link>http://allaboutalpha.com/blog/2006/11/19/many-registered-representatives-would-prefer-to-be-fee-only/</link>
		<comments>http://allaboutalpha.com/blog/2006/11/19/many-registered-representatives-would-prefer-to-be-fee-only/#comments</comments>
		<pubDate>Mon, 20 Nov 2006 01:50:04 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2006/11/19/many-registered-representatives-would-prefer-to-be-fee-only/</guid>
		<description><![CDATA[By: Bruce Kelly, Investment News.com
Published: November 6, 2006  
Is it any surprise that brokers want to throw in the towel on mutual fund trailers and sales commissions when so much of a typical mutual fund can be replicated by (no trailer) ETFs?  Fees based on assets under management would allow advisors the flexibility to use ETFs and hedge [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/11/19/many-registered-representatives-would-prefer-to-be-fee-only/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Hedge Fund Fees</title>
		<link>http://allaboutalpha.com/blog/2006/11/13/hedge-fund-fees/</link>
		<comments>http://allaboutalpha.com/blog/2006/11/13/hedge-fund-fees/#comments</comments>
		<pubDate>Tue, 14 Nov 2006 02:02:09 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2006/11/13/hedge-fund-fees/</guid>
		<description><![CDATA[By: Lex, FT.com
Published: October 31, 2006
Alpha Male is a big fan of FT and FT&#8217;s new &#8220;Alphaville&#8221; website in particular.  But I&#8217;d like to take issue with another pseudonymous scribe regarding a piece appearing on FT.com October 31. 
In an attempt to scare investors on Halloween Night, the FT&#8217;s &#8220;Lex&#8221; makes some fallacious arguments about hedge fund fees that are downright spooky.  If you [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/11/13/hedge-fund-fees/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>The &#8220;No Arbitrage&#8221; Rule Applied to Hedge &amp; Mutual Fund Fees</title>
		<link>http://allaboutalpha.com/blog/2006/11/09/the-no-arbitrage-rule-applied-to-hedge-mutual-fund-fees/</link>
		<comments>http://allaboutalpha.com/blog/2006/11/09/the-no-arbitrage-rule-applied-to-hedge-mutual-fund-fees/#comments</comments>
		<pubDate>Fri, 10 Nov 2006 02:55:13 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2006/11/09/the-no-arbitrage-rule-applied-to-hedge-mutual-fund-fees/</guid>
		<description><![CDATA[If a mutual fund is essentially a marketing package that delivers beta and alpha in a specific proportion (as we have argued here), then what should be the relationship between the (effective) fee for the alpha portion of a mutual fund and the fee for a real hedge fund with similar risk/return characteristics?
We propose the following line [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/11/09/the-no-arbitrage-rule-applied-to-hedge-mutual-fund-fees/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Are Hedge Fund Fees a Bargain?  And Other Conundrums of Balancing Active &amp; Passive Management</title>
		<link>http://allaboutalpha.com/blog/2006/11/08/are-hedge-fund-fees-a-bargain-and-other-conundrums-of-balancing-active-passive-management/</link>
		<comments>http://allaboutalpha.com/blog/2006/11/08/are-hedge-fund-fees-a-bargain-and-other-conundrums-of-balancing-active-passive-management/#comments</comments>
		<pubDate>Wed, 08 Nov 2006 03:18:19 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2006/11/08/are-hedge-fund-fees-a-bargain-and-other-conundrums-of-balancing-active-passive-management/</guid>
		<description><![CDATA[By: Randy Cohen, Harvard Business School &#38; Kerry Stirton, Stellation Asset Management
Published: August 2006, The NMS Exchange
Alpha Male spent this morning speaking about our favorite topics at the &#8220;World Hedge Fund Summit&#8221; in Toronto.  Other session topics were consistent with similar hedge fund events around the world.  But one of my favorite speakers at this particular meeting every year [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/11/08/are-hedge-fund-fees-a-bargain-and-other-conundrums-of-balancing-active-passive-management/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>The A,B,Cs of Hedge Funds: Alphas, Betas, and Costs</title>
		<link>http://allaboutalpha.com/blog/2006/10/07/the-abcs-of-hedge-funds-alphas-betas-and-costs/</link>
		<comments>http://allaboutalpha.com/blog/2006/10/07/the-abcs-of-hedge-funds-alphas-betas-and-costs/#comments</comments>
		<pubDate>Sun, 08 Oct 2006 01:45:53 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/2006/10/07/the-abcs-of-hedge-funds-alphas-betas-and-costs/</guid>
		<description><![CDATA[By: Roger Ibbotson, Yale School of Management &#038; Peng Chen, Ibbotson Associates
Published: September 2006
Whew!  There is alpha in them there hedge funds.  Ibbotson and Chen discover that hedge fund fees absorb about half of it, but it seems to exist nonetheless.  
Using a database of hedge fund performance from 1995 to 2006, they adjust for commonly-cited problems such as [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/10/07/the-abcs-of-hedge-funds-alphas-betas-and-costs/feed/</wfw:commentRss>
		<slash:comments>5</slash:comments>
		</item>
		<item>
		<title>The A, B, C s of Hedge Funds: Alphas, Betas and Costs</title>
		<link>http://allaboutalpha.com/blog/2006/09/15/the-a-b-c-s-of-hedge-funds-alphas-betas-and-costs/</link>
		<comments>http://allaboutalpha.com/blog/2006/09/15/the-a-b-c-s-of-hedge-funds-alphas-betas-and-costs/#comments</comments>
		<pubDate>Fri, 15 Sep 2006 21:45:20 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=2461</guid>
		<description><![CDATA[By: Roger Ibbotson, Pen Chen
Published: September 2006
Abstract: In this paper, we focus on two issues. First, we analyze the potential biases in reported hedge fund returns, in particular survivorship bias and backfill bias, and attempt to create an unbiased return sample. Second, we decompose these returns into their three A,B,C components: the value added by [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/09/15/the-a-b-c-s-of-hedge-funds-alphas-betas-and-costs/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Why We (Really) Pay Management Fees</title>
		<link>http://allaboutalpha.com/blog/2006/08/24/why-we-pay-management-fees/</link>
		<comments>http://allaboutalpha.com/blog/2006/08/24/why-we-pay-management-fees/#comments</comments>
		<pubDate>Thu, 24 Aug 2006 15:34:37 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=198</guid>
		<description><![CDATA[Retail investors tend to take management fees for granted.  Few people, other than industry comentators, seem to obsess about them even though we know they are relatively high in Canada.  We care more about gas prices than mutual fund fees.  In fact, on a $100,000 portfolio moving from the typical US management fee to the typical Canadian [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/08/24/why-we-pay-management-fees/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Hedge Funds Selling Alpha as Beta</title>
		<link>http://allaboutalpha.com/blog/2006/07/22/hedge-funds-selling-alpha-as-beta/</link>
		<comments>http://allaboutalpha.com/blog/2006/07/22/hedge-funds-selling-alpha-as-beta/#comments</comments>
		<pubDate>Sat, 22 Jul 2006 23:51:50 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=105</guid>
		<description><![CDATA[By: Greg Jensen, Noah Yechiely, Jason Rotenberg, Bridgewater Associates
Published: May 24, 2005
Excerpt:

&#8220;Most institutional investors continue to tie together their alpha and beta decisions (i.e. an institution typically decides how much money they want in equities and then goes out and hires equity managers to manage it).  This is clearly inefficienct, as the two decisions need [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/07/22/hedge-funds-selling-alpha-as-beta/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Market Efficiency, Fees &amp; Competition: Are Investment Managers Pricing Themselves out of the Market?</title>
		<link>http://allaboutalpha.com/blog/2006/07/22/market-efficiency-fees-competition-are-investment-managers-pricing-themselves-out-of-the-market/</link>
		<comments>http://allaboutalpha.com/blog/2006/07/22/market-efficiency-fees-competition-are-investment-managers-pricing-themselves-out-of-the-market/#comments</comments>
		<pubDate>Sat, 22 Jul 2006 21:58:50 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=102</guid>
		<description><![CDATA[By: Ennis Knupp + Associates
This white paper extends the traditional &#8220;fee-erosion&#8221; argument against mutual funds to identify the effect of fees on the likelihood of generating a positive alpha.  The authors conclude that the chances of an investor receiving a positive alpha are much lower than the chances of a manager actually producing a positive [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/07/22/market-efficiency-fees-competition-are-investment-managers-pricing-themselves-out-of-the-market/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Canadian Pension Plan Active Overlay Program</title>
		<link>http://allaboutalpha.com/blog/2006/07/06/canadian-pension-plan-active-overlay-program/</link>
		<comments>http://allaboutalpha.com/blog/2006/07/06/canadian-pension-plan-active-overlay-program/#comments</comments>
		<pubDate>Thu, 06 Jul 2006 19:32:30 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Institutional Investing]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Portable Alpha & Alpha/Beta Separation]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=78</guid>
		<description><![CDATA[In April 2004, Canada&#8217;s national public pension plan awared the first of 4 &#8220;notional mandates&#8221; of $500 million each.  The four overlay managers were tasked with providing the CPP with the holdings of a hypothetical market neutral equity fund.  The CPP Investment Board then sold the hypothetical &#8220;shorts&#8221; out of their passive equity portfolio and [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/07/06/canadian-pension-plan-active-overlay-program/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Measuring the True Cost of Active Management by Mutual Funds</title>
		<link>http://allaboutalpha.com/blog/2006/07/05/measuring-the-true-cost-of-active-management-by-mutual-funds/</link>
		<comments>http://allaboutalpha.com/blog/2006/07/05/measuring-the-true-cost-of-active-management-by-mutual-funds/#comments</comments>
		<pubDate>Wed, 05 Jul 2006 13:26:38 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=40</guid>
		<description><![CDATA[By: Ross Miller, State University of New York (SUNY) Albany
Published: August 2005

Recent years have seen a dramatic shift from mutual funds into hedge funds even though hedge funds charge management fees that have been decried as outrageous. While expectations of superior returns may be responsible for this shift, this article shows that mutual funds are [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/07/05/measuring-the-true-cost-of-active-management-by-mutual-funds/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Hey, You Have a Problem Paying Alpha Fees and Getting Beta Returns?</title>
		<link>http://allaboutalpha.com/blog/2006/07/04/hey-you-have-a-problem-paying-alpha-fees-and-getting-beta-returns/</link>
		<comments>http://allaboutalpha.com/blog/2006/07/04/hey-you-have-a-problem-paying-alpha-fees-and-getting-beta-returns/#comments</comments>
		<pubDate>Tue, 04 Jul 2006 23:56:46 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=28</guid>
		<description><![CDATA[By: Jenny Anderson, New York Times
Published: May 26, 2006
Excerpt:


&#8220;The megamanagers of hedge funds deem themselves smarter than &#8220;index huggers&#8221; â€” mutual fund managers who must beat only a benchmark, whether that benchmark is up 20 percent or down the same amount.
&#8220;Many institutions are willing to pay the higher fees â€” typically 2 percent of assets [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/07/04/hey-you-have-a-problem-paying-alpha-fees-and-getting-beta-returns/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Scrutiny Give Edge to Hedge Funds</title>
		<link>http://allaboutalpha.com/blog/2006/07/04/scrutiny-give-edge-to-hedge-funds/</link>
		<comments>http://allaboutalpha.com/blog/2006/07/04/scrutiny-give-edge-to-hedge-funds/#comments</comments>
		<pubDate>Tue, 04 Jul 2006 23:25:02 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=17</guid>
		<description><![CDATA[By: Chet Courier, Bloomberg News
Published: August 5, 2005

Excerpt:


&#8220;Ross Miller is out to change investors&#8217; ideas of what&#8217;s a bargain and what isn&#8217;t in money management. 
&#8220;When you consider carefully what you are paying for, he says, hedge funds may not look as costly as they are often portrayed &#8211; and mutual funds may be &#8220;more expensive [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/07/04/scrutiny-give-edge-to-hedge-funds/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Five Myths about fees: The truth behind analyzing fees in the context of investment goals</title>
		<link>http://allaboutalpha.com/blog/2006/07/04/9/</link>
		<comments>http://allaboutalpha.com/blog/2006/07/04/9/#comments</comments>
		<pubDate>Tue, 04 Jul 2006 14:52:23 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=9</guid>
		<description><![CDATA[By: Ronald Kahn, Matthew Scanlan, Laurence Siegel, Barclay&#8217;s Global Investors
Published: May 2006

Excerpts: 


&#8220;[Investment] research seldom focuses on fees.  As a result, several popular myths exist regarding fees.
&#8220;The first myth is that fees should be as low as possible.  This baseline myth makes some sense, yet investors who follow this rule will only hold index funds, with [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/07/04/9/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Five Myths About Fees: The truth behind analyzing fees in the context of investment goals</title>
		<link>http://allaboutalpha.com/blog/2006/05/15/five-myths-about-fees-the-truth-behind-analyzing-fees-in-the-context-of-investment-goals/</link>
		<comments>http://allaboutalpha.com/blog/2006/05/15/five-myths-about-fees-the-truth-behind-analyzing-fees-in-the-context-of-investment-goals/#comments</comments>
		<pubDate>Mon, 15 May 2006 21:50:14 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=2463</guid>
		<description><![CDATA[By: Ronald Kahn, Matthew Scanlan, Laurence Siegel
Published: May 2006
Abstract: Of the three dimensions of investment management—return, risk, and cost—
investors have direct control only over cost. Yet while investors have some control over fees, and fees make up the bulk of costs, research seldom focuses on fees. As a result, several popular myths exist regarding fees. [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/05/15/five-myths-about-fees-the-truth-behind-analyzing-fees-in-the-context-of-investment-goals/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Five Myths About Fees</title>
		<link>http://allaboutalpha.com/blog/2006/04/01/five-myths-about-fees/</link>
		<comments>http://allaboutalpha.com/blog/2006/04/01/five-myths-about-fees/#comments</comments>
		<pubDate>Sat, 01 Apr 2006 14:46:07 +0000</pubDate>
		<dc:creator>jblevins</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=10559</guid>
		<description><![CDATA[By: Ronald N. Kahn, Matthew H. Scanlan, and Laurence B. Siegel
Published: April, 2006
Introduction: Of the three dimensions of investment management—return, risk, and cost—investors have direct control over only cost. Cost includes transaction costs and investment management fees. We focus here on fees.
]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2006/04/01/five-myths-about-fees/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Do Funds-of-Funds Deserve Their Fees-on-Fees?</title>
		<link>http://allaboutalpha.com/blog/2005/11/09/do-funds-of-funds-deserve-their-fees-on-fees/</link>
		<comments>http://allaboutalpha.com/blog/2005/11/09/do-funds-of-funds-deserve-their-fees-on-fees/#comments</comments>
		<pubDate>Thu, 10 Nov 2005 00:45:56 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>
		<category><![CDATA[Posting Categories]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=2736</guid>
		<description><![CDATA[By: Andrew Ang (CBS &#38; NBER), Matthew Rhodes-Kropf (Columbia Business School) &#38; Rui Zhao (BlackRock)Published: November 2005
Abstract: Since the after-fee returns in funds-of-funds are, on average, lower than hedge fund returns, it appears that funds-of-funds do not add value. However, we show that funds-of-funds should not be evaluated relative to hedge fund returns from reported databases. [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2005/11/09/do-funds-of-funds-deserve-their-fees-on-fees/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Are Active Management Fees Too High?</title>
		<link>http://allaboutalpha.com/blog/2005/09/15/are-active-management-fees-too-high/</link>
		<comments>http://allaboutalpha.com/blog/2005/09/15/are-active-management-fees-too-high/#comments</comments>
		<pubDate>Thu, 15 Sep 2005 21:51:44 +0000</pubDate>
		<dc:creator>Alpha Male</dc:creator>
				<category><![CDATA[Dossier]]></category>
		<category><![CDATA[Investment Management Fees]]></category>

		<guid isPermaLink="false">http://allaboutalpha.com/blog/?p=2465</guid>
		<description><![CDATA[By: Richard Ennis
Published: September 2005, Financial Analysts Journal
Abstract: What are the prospects for alpha? Those of us who were launching our careers in the 1960s would never have believed a Greek letter would become the mantra of investment management. The money management establishment of that era dismissed the concept of “beta,” which was just emerging [...]]]></description>
		<wfw:commentRss>http://allaboutalpha.com/blog/2005/09/15/are-active-management-fees-too-high/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
	</channel>
</rss>
