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A Comparative Analysis of Performance Fees

By Megan Czasonis, Mark Kritzman, Baykan Pamir, David Turkington, State Street Associates

Jun 1, 2018

By Megan Czasonis, Mark Kritzman, Baykan Pamir, and David Turkington.

Published in the Journal of Portfolio Management, Summer 2018.

Investors are often faced with a choice between a flat fee and a performance fee. Although there are no simple rules to guide investors in their choice of a fee structure, we believe that our certainty equivalent methodology will enable investors to determine the optimal fee structure for a given set of circumstances.

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1.Peter L. Bernstein Award for Best Article in an Institutional Investor Journal in 2013; Doriot Award for Best Private Equity Research Paper in 2022; Bernstein-Fabozzi/Jacobs-Levy Award for Outstanding Article in the Journal of Portfolio Management in 2006, 2009, 2011, 2013 (2), 2014, 2015, 2016, 2021; Roger F. Murray First Prize for Research Presented at the Q Group Conference in 2012 and 2021; Graham & Dodd Scroll Award for article in the Financial Analysts Journal in 2002 and 2010.