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CFA一級考試試題考點、考題及答案

發(fā)布時間:2016-11-04 14:09    來源:高頓網校 我要發(fā)言   [字號: ]

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United Capital is a hedge fund with $250 million of initial capital. United charges a 2% management fee based on assets under management at year end, and a 20% incentive fee based on returns in excess of an 8% hurdle rate. In its first year, United appreciates 16%. Assume management fees are calculated using end-of-period valuation. The hedge fund fee assuming the performance fee is calculated net of the management fee is closest to:
 
A. 8 million
 
B. 8.64 million
 
C. 9.8 million
 
Solution: B
 
End of year capital = $250 million x 1.16 = $290 millionManagement fee = $290 million x 2% = $5.8 millionHurdle amount 8% of $250 million = $20 million;Incentive fee = ($290 - $250 - $20 - $5.8) million x 20% = $2.84 millionTotal fees to United Capital = ($5.8 + $2.84) million = $8.64 million

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