Hedge fund and private equity managers charge their "clients" a fee, typically 2% a year, on assets. Sounds like a good model for a wealth tax.

Paul Kedrosky@pkedrosky

2 years ago

Amusing Bain piece on how asset managers, faced with declining fees in public markets, need to be more active in private markets, where fees are higher. Why amusing? Because they're saying the quiet stuff out loud: it's about fees, not what's best for customers.… https://t.co/FbOY6slQkT

Asset Managers Must Invest in Private Markets Now, Bain Says Private-market assets under management to reach $65 trillion Bain calls it ‘the biggest opportunity in financial services’ https://t.co/FEmfP1oFNG