“It’s trivial for them to drop the fee, but difficult to raise it after conversion,” former Davis Polk attorney and GP at Van Buren Capital, Scott Johnsson wrote on X. “Seems to me that if they’re trying to find the sweet spot of minimizing asset under management (AUM) declines and maintaining fees, it’s not so outrageous to start out at a “high” level and then adjust.”

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Author: Helene Braun

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