Callan has released its 2023 Investment Management Fee Study — its 10th examination in over 30 years.
The study provides a detailed analysis of fee levels and trends across multiple asset classes and mandate sizes for active and passive management — covering a total of 23 asset classes, both public and private. The analysis gives insight into what institutional investors are actually paying (negotiated fees) versus investment managers’ published fee schedules.
The data was curated using Callan’s proprietary investment manager database, proprietary client performance reporting database and actual client fee schedules. The study reflects trends on 2022 fees representing $609 billion in assets under management (AUM) and $1.5 billion in total fees paid. The firm’s fee database includes mandates run by more than 300 investment firms and over 180 institutional investors.
“Our study shows continued pressure on actual fees paid for not only active m
