紫同学2018-04-16 20:08:58

31. Ash Lawn Partners, a fund of hedge funds, has the following fee structure: • 2/20 underlying fund fees with incentive fees calculated independently • Ash Lawn fees are calculated net of all underlying fund fees • 1% management fee (based on year-end market value) • 10% incentive fee calculated net of management fee • The fund and all underlying funds have no hurdle rate or high-water mark fee conditions In the latest year, Ash Lawn’s fund value increased from $100 million to $133 million before deduction of management and incentive fees of the fund or underlying funds. Based on the information provided, the total fee earned by all funds in the aggregate is closest to: A. $11.85 million. B. $12.75 million. C. $12.87 million. 麻烦老师讲解一下这道题，重点帮忙区分一下2/20 underlying fund fees with incentive fees calculated independently，此题用independently来计算，如果是dependently这种如何计算？