Aperture utilizes performance-linked fee structures. The strategies employed charge 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 the stated benchmark.
Performance-linked fee
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 Alliance Bernstein and former Co-Head of Investment Management at Goldman Sachs, and by Generali, one of the largest insurance companies in the world.1 Generali will contribute up to $4BN in investment capital to the individual strategies on the Aperture platform which are intended to create better, fairer outcomes for investors. Aperture’s investment teams receive modest base salaries according to industry data2 and receive up to 35% of the performance-linked fees on realized outperformance, up to 10.5% of total outperformance.
Investment teams’ max performance-linked fees paid on realised outperformance.*
1. Source: Generali. Total premium income exceeding EUR 68 billion in 2017 (present in 50 countries). Generali’s total AUM was approx. €500 billion at the end of June 2018. 2. We compared our typical investment team professional’s base compensation to the salaries of people with the titles “Chief Investment Officer” and “Senior Portfolio Manager” in the Greater London, United Kingdom area using LinkedIn Salary, which bases its estimates on information voluntarily provided by members and employers as of 15/08/18. *Important information: Investments involve risks. Past performance is not a reliable indicator of future performance and can be misleading. There can be no assurance that an investment objective will be achieved or that there will be a return on capital. You may not get back the amount initially invested. Before taking any investment decision, please always read the associated legal documents.
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Produce outperformance by aligning investors with their clients.*
To redefine the revenue model of the asset management industry by providing outperformance at a fair price.*
* Investments involve risks. Past performance is not a reliable indicator of future performance. There can be no assurance that an investment objective will be achieved or that there will be a return on capital. You may not get back the amount initially invested.
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