Investment Horizon Management Fees Performance Fees 
Pension Pulse
MAY 24, 2023
Management fees increased by $165 million, due to an increase in average assets managed by external fund managers. Our operating expense ratio was 28.6 basis points (bps), which is below the five-year average of 29.0 bps and up marginally from 27.1 bps observed in fiscal 2022.
The Motley Fool
JANUARY 12, 2024
billion was 7% higher year over year, driven by the impact of higher markets on average AUM and higher performance fees. Fourth quarter and full year performance fees of 311 million and 554 million, respectively, increased from a year ago, reflecting higher revenue from liquid alternatives and long-only mandates.
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