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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: accountclosed who wrote (38003)	12/2/1998 6:15:00 PM
From: Knighty Tin	Respond to of 132070

AR, I am sure you voted against that horrible lowering fees idea. <G> That from the perspective of a fund manager who lived on fees. My big fund, as it grew larger, saw a huge dimunition in fees. The directors thought we were making too much money. My bosses told them they couldn't keep a guy like me without paying him well, which was true enough. But then the directors looked at the fees that year, over $40 million, and looked at my net take home, bonus and all benefits, and decided there was room to maneuver. <G> But we saw our fees drop from .75% to .26% in less than two years. I believed in that. However, it had a bad side effect. Marketing was getting a .25% 12b1 fee, and they became more powerful than the investment dept. due to that leverage. MB