"Now management fees are making a lot of people very rich."

The goal is only to break even with enough money to pay the artists and the management fees, he said.

A. Yes, that and part of it from my management fee.

He took about 3.8% of the profits as management fees.

Many of the 3,000-plus funds are relatively new, and were set up with high management fees.

The fund cut the amount of management fees it paid by 57 percent, to $153 million, in just two years.

The management fee of the fund is 75 basis points.

That leaves 15 percent for the board to exercise some control over, he said, including management fees.

The management fee will be the same no matter who wins.

Others charge separate management fees, which can run to 1.25 percent.