Aperture believes certain managers can consistently beat their benchmarks.
We are rethinking active management. Our carefully selected managers and the strategies they run utilize fee and compensation structures designed to align our incentives with yours.
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.
The Why & How
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 earn most of their compensation from performance-linked fees. Our fully-seeded investment team can receive up to 35% of the performance-linked fees due to Aperture 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.
01 Our Mission
Produce outperformance by aligning asset managers with their clients.
02 Our Vision
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.
Aperture
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Peter shares over two decades’ experience investing in emerging markets and much more in his virtual classroom.
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An industry veteran sharing thoughts on investing, asset management and the occasional grandchild or dog photo.
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Aperture is changing the way investors interact with portfolio managers and investment teams. We use digital platforms and direct investor engagement to make our thinking transparent because we believe that investors and potential investors should know the people managing their money. Follow our firm and our investment teams on your favorite social platform.
03 Our Values
These are the qualities that matter most to us. They guide our actions and reflect our behavior with each other and with clients.