Expense Allocation Guide

The allocation of the expenses of asset management is a key concern for investors, investment managers, fund governing bodies and regulators. Each of these stakeholders will have a point of view regarding the most appropriate allocation of expenses. The Expense Allocation Guide provides investment managers and fund governing bodies information about the perspectives of investors and regulators on the appropriate allocation of the diverse types of expenses they will incur. The Guide does not seek to define what should or should not be a fund expense or an investment manager expense. This is a decision that investment managers and fund governing bodies will need to take on their own. The Guide does, however, seek to provide some additional insights and perspectives from investors and regulators globally to help inform the decision making.