It’s time we talked about money. Yes, fees is a four-letter word and a difficult topic for investors to broach with their managers. But as risk appetites wane and profit expectations decline, a greater focus is likely to be on fees. Everyone is happy when everyone is making money; the tougher discussions come when the profits dry up.

“Investors are always fee conscious,” says Niel Thassim, head of Asia Pacific private funds at Brookfield Asset Management. “In our view, investors pay for the performance and quality of the manager.”

In other words, you get what you pay for in real estate dealmaking and asset management. Signs indicate investors will be paying closer attention to detail to ensure they are receiving that value.

Investors have turned cautious on Asia. A record US$20.2 billion in capital was raised for Asia-focused funds in 2018, according to Preqin. Through the first nine months of 2019, managers raised only US$6.7 billion, suggest