mandates

During negotiations on the fee that asset managers charge institutional investors for the management of a mandate, providers give an average discount of 5 to 15%. However there is no transparency about the average price that providers actually charge for mandate management, explained Duncan Higgs and Kathryn Saklatvala, following the publication of their research into fund house fees last week.

The question is whether the illiquidity of private markets is still an issue if the market becomes more volatile again. Especially when you realise that liquid markets can also become illiquid.