Do you have to diclose custodian fees? Thanks.
no, commision
The commission here means transaction cost? or soft dollar commission from broker?
Bigwilly, Do you mean no but you have to disclose commision?
Yes
Bigwilly, are you sure on that…you don’t have to disclose custodian fee?
why not? they say “any fee… as well as periodic costs” i think you must disclose every dollar they pay
No, she must just disclose the amount of commissions paid. Look it up. Trust me on this one. Also, Custodian fees are fees charged by the bank that the account is held at, not my the manager.
i will trust you on this one, but will demand a usd compensation if i fail this in the exam 
^Likewise, we don’t hear bigwilly throw the words “trust me on this one” often, but I am buying a put on my score.
ummm yeah, whats up with custodian stuff. AMC says “all fees”
I got it right fellas. The only one I got wrong was the HF one, that is why I’m positive its correct…And i’m pretty sure after the fact I read it somewhere…
the mistake was that commisions also need to be disclosed, not custodian
Correct, he/she needed to disclose commissions. She had already disclosed mgmt and incentive.
AND CUSTODIAN TOO!
No she didnt. She only disclosed incentive and mgmt fees.
fyi, in every fund factsheet of my asset management division (that I will not disclose for shame) they clearly separate management fee, performance fee, and custodian fee and the girl in charge of the performance attribution and evaluation is “a” CFA
On pg 195 of V1 CFAI it states Disclose the Following: 4. d)Mgmt fees and other investmetns costs charged to inivestors, including what costs are included in the fees and the methodologies for determing fees and costs. e)The amount of any soft or bundled COMMISSIONS, the goods and/or service received in return, and how those goods and/or service benefit the client. then on pg 207 last paragraph: “This disclosure should include the specific management fee, incentive fee and the amount of commissions Managers paid on their clients behalf during the period.” And I rest my case.
They can disclose Custodian fees if you have commingled accounts, but its not required.
Bigwilly, you said that you got the HF (hedge fund?) one wrong? do you know what’s the answer? Thanks.