NO.PZ2021102801000015
问题如下：
Institutional investment consultant Wilsot Consultants (Wilsot) is reviewing multiple investment managers within a prospective client’s portfolio. Two of the managers, Vaudreuil Capital Management (Vaudreuil) and Pourtir Investments (Pourtir), have similar strategies that show comparable performance on a net-of-fees basis. Assessing the portfolio effects of management fees, a Wilsot analyst reviews both manager contracts to determine their advantages and disadvantages to the client. Checking client fee structures, the analyst notes Vaudreuil’s fees are AUM-based while Pourtir’s are performance-based.
Discuss one advantage and one disadvantage to the client of each manager’s contracted fee structure.
选项：
解释：
Vaudreuil’s fees are AUM-based
advantages
the fund manager only focus on the AUM to obtain management fee
disadvantages
the fund manager has less effort to outperform the benchmark， only stick to AUM.
Pourtir’s are performance-based
advantages
the fund managers can obtain incentive fee , whose interest is consistent with investors.
disadvantages
the fund managers may risk more to obtain more incentive fee
