Aperture utilizes performance-linked fee structures. Each strategy is charged a fee competitive with that of passive ETFs in the same category when performance is at or below its stated benchmark. As outperformance is generated, each strategy is charged a performance-linked fee of 30% on returns generated in excess of that fund’s stated benchmark, up to a cap.
Performance-linked fee, up to a cap.
Aperture is a response to the proliferation of fixed fees in active asset management, which reward managers regardless of whether they produce outperformance for their clients. Aperture was founded in 2018 by Peter Kraus, former CEO of AllianceBernstein and former Co-Head of Investment Management at Goldman Sachs, and by Generali, one of the largest insurance companies in the world. Generali will contribute up to $4BN in investment capital for individual strategies utilizing performance-linked fees intended to create better, fairer outcomes for investors. Aperture’s investment teams receive modest base salaries according to industry data1, and stand to earn most of their compensation from performance-linked fees. Investment teams can receive up to 35% of the firm’s performance-linked fees paid on realized outperformance, or 10.5% of total outperformance.
Investment teams’ max performance-linked fees paid on realized outperformance.
1. We compared our typical portfolio manager and investment team professional’s base compensation to the salaries of people with the titles “Chief Investment Officer” and “Senior Portfolio Manager” respectively in the Greater London, United Kingdom area using LinkedIn Salary, which bases its estimates on information voluntarily provided by members and employers as of Aug 15, 2018.
Produce outperformance by aligning asset managers with their clients.
To redefine the revenue model of the asset management industry by providing the potential for outperformance at a fair price to every investor who wants it.
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