题目
The following information applies to Rotunda Advisors, a hedge fund: $288 million in assets under management (AUM) as of prior year-end 2% management fee (based on year-end AUM) 20% incentive fee calculated: net of management fee using a 5% soft hurdle rate using a high-water mark (high-water mark is $357 million) Current year fund return is 25% The total fee earned by Rotunda in the current year is closest to:
选项
A.$7.20 million.
B.$20.16 million.
C.$21.60 million.
答案
A
解析
A is correct. Rotunda earns a management fee of $7.20 million but does not earn an incentive fee because the year-end fund value net of management fee does not exceed the high-water mark of $357 million. End-of-year AUM = Prior year-end AUM × (1 Fund return) = $288 million × 1.25 = $360 million. $360 million × 2% = $7.20 million management fee. $360 million – $7.2 million = $352.8 million AUM net of management fee. The year-end AUM net of fees does not exceed the $357 million high-water mark. Therefore, no incentive fee is earned. ： A是正确的。Rotunda赚了720万美元的管理费，但没有得到激励费，因为年终基金价值扣除管理费后未超过3.57亿美元的高水位线。 期末资产管理规模 = Prior year-end AUM × (1＋Fund return) = $288 million × 1.25 = $360 million $360 million × 2% = $7.20 million 管理费 $360 million – $7.2 million = $352.8 million AUM 扣除管理费 期末管理规模扣除管理费后，没有超过高水位线$357million. 因此不收取激励费。