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Financial Dictionary - Management fee

Management fee

Fee charged by an investment fund manager for the services provided. This fee is deducted daily from the fund's net asset value and is generally a percentage of the assets. Some funds also include a success fee that is applied to the fund's performance. The amount is stated in the fund prospectus.

As provided under article 8 of Law 35/2003 of 4 November, 2003 on Collective Investment Institutions “Management companies and depositaries may charge the funds management fees and deposit fees respectively.”

Different fees can be charged for different types of participation issued by the same fund, but all those participations of the same class will have the same management and depositary fees.

Fees can be set as:

  • A percentage of the capital
  • A percentage of the return
  • A combination of the variables
  • Management fees may not exceed the limits established in each case:
  • 2.25% if the fee is calculated on the basis of the fund's assets
  • 18% when the management fee is calculated on the return
  • 1.35% of capital and 9% of return when both variables are used.

This fee does not have to be paid directly, but the manager subtracts it from the return achieved- be it positive or negative.


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