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智茵同学 · 2024年01月30日

能否解释一下 management fee和administration fee的区别

NO.PZ2019012201000043

问题如下:

Hans Smith, an Albright portfolio manager, makes the following notes after examining these funds:

Note 1 The fee on the Caribou Fund is a 15% share of any capital appreciation above a 7% threshold and the use of a high-water mark.

Based on Note 1, the fee on the Caribou Fund is best described as a:

选项:

A.

performance fee

B.

management fee

C.

administrative fee

解释:

Performance fees serve as an incentive for portfolio managers to achieve or outperform return objectives, to the benefit of both the manager and investors. Several performance fee structures exist, although performance fees tend to be “upward only”—that is, fees are earned by the manager when performance objectives are met, but fund investors are not reimbursed when performance is negative. Performance fees could be reduced following a period of poor performance, however. Fee calculations also reflect high-water marks. As described in Note 1, the fee for the Caribou Fund is a 15% share of any capital appreciation above a 7% threshold, with the use of a high-water mark, and is therefore a performance fee.

B is incorrect because management fees include direct costs of research (such as remuneration and expenses for investment analysts and portfolio managers) and the direct costs of portfolio management (e.g., software, trade processing costs, and compliance). Management fees are typically determined as a percentage of the funds under management.

C is incorrect because administrative fees include the processing of corporate actions such as rights issues and optional stock dividends, the measurement of performance and risk of a portfolio, and voting at company meetings. Generally, these functions are provided by an investment management firm itself and are included as part of the management fee.

如题,不是很理解C选项的解释。

1 个答案

笛子_品职助教 · 2024年01月30日

嗨,从没放弃的小努力你好:


能否解释一下 management fee和administration fee的区别

Hello,亲爱的同学~

management fee是指管理费,管理费是基金公司向客户收的,一般按照资产管理规模来收取。

例如,客户投资基金100万元,管理费1%,意味着客户每年需要给基金公司上缴100万*1%=1万的费用。


administration fee是指行政费用。是指基金公司内部的花费。

例如一家基金公司需要支付员工的工资,员工出差的报销,办公楼的租金,这些都属于行政费用。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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NO.PZ2019012201000043 问题如下 Hans Smith, Albrightportfolio manager, makes the following notes after examining these fun:Note 1 The fee onthe Caribou Funis a 15% share of any capitappreciation above a 7%thresholanthe use of a high-water mark.Baseon Note 1, the fee on the Caribou Funis best scribe A.performanfee B.management fee C.ainistrative fee Performanfees serve incentive for portfolio managers toachieve or outperform return objectives, to the benefit of both the manager annvestors. Severperformanfee structures exist, although performanfeestento “upwaronly”—this, fees are earnethe manager whenperformanobjectives are met, but funinvestors are not reimbursewhenperformanis negative. Performanfees coulrecefollowing a perioofpoor performance, however. Fee calculations also reflehigh-water marks. Asscribein Note 1, the fee for the Caribou Funis a 15% share of any capitalappreciation above a 7% threshol with the use of a high-water mark, anistherefore a performanfee.B is incorrebecause management fees inclu recosts of research(suremuneration anexpenses for investment analysts anportfoliomanagers) anthe recosts of portfolio management (e.g., software, traprocessing costs, ancompliance). Management fees are typically termineasa percentage of the fun unr management.C is incorrebecause ainistrative fees inclu the processing ofcorporate actions surights issues anoptionstovin, themeasurement of performananrisk of a portfolio, anvoting companymeetings. Generally, these functions are proviinvestment managementfirm itself anare inclupart of the management fee. 虽然选对了,但是老师可以帮忙翻译一下题目大概的意思么,谢谢。

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