Manager of Managers Excessive Fund Fee Cases—An In-Depth Analysis

• “Manager of Managers” cases: A plaintiff alleges that the adviser provides insufficient services to justify the amount of advisory fee retained—given that the subadviser allegedly does most of the work.
• “Third-Party Subadvised” cases: A plaintiff alleges that an adviser subadvises third-party funds at much lower rates than the adviser charges its own funds, even though the advisory services are substantially similar to the subadvisory services.

This article provides an in-depth analysis of the manager of managers’ cases and lessons learned from those cases.

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