compensation structures - asset manager code vs. equity portfolio management

there seem to be some differences on the fee structure depending on the section. any thoughts?

Asset Manager Code states have to design salary arragements that align interest of client with manager. Compensation Arrangements where managers bonuses depend on portfolio performance (a performance fee) is a VIOLATION because it creates a structure where incentive of manager not aligned with investor. (schweser mock has a question on this)

Under the equity section, AUM fees are straightforward but dont align interest of investors and managers. Performance based fee structures do ALIGN the interetss of managers and investors (especially if they are symmetric)

  • does the answer just depend on if its an ethics or equity section compensation question?