A detailed analysis of management and performance fees for asset managers and investment funds is undertaken. While fund fees are considered as a cost of capital for investors, the structuring of such fee mechanisms in a fund can also influence a fund manager’s decisions and investment strategy, thereby also influencing the investment performance of the investors funds. The study undertaken will allow for an assessment of the effect of fee structures and the potential for asymmetric incentives to arise that may promote adverse risk-taking behaviours by the fund manager, to the detriment of the investor or retiree who places a portion of their retirement savings into such a managed fund with such fee structures. As such, understanding the mechanism of fee charging as well as pricing the fees correctly is vital. An exploration of the application of actuarial distortion pricing methods for complete and incomplete market valuation is performed on a variety of path-dependent option-like performance fee structures for various funds in the European and American markets. Furthermore, several scenario analysis and sensitivity studies are undertaken. The class of Net Asset Value models adopted are Lévy processes, and the pricing is performed via Monte Carlo techniques.

对资产管理公司和投资基金的管理费和绩效费进行了详细分析。虽然基金费用被视为投资者的资金成本，但基金中此类费用机制的构建也会影响基金管理人的决策和投资策略，从而影响投资者基金的投资绩效。所进行的研究将评估费用结构的影响以及出现不对称激励的可​​能性，这些激励可能会促进基金经理的不良冒险行为，从而损害投资者或退休人员的部分退休金储蓄到这样一个收费结构的管理基金中。因此，了解收费机制以及正确定价至关重要。对欧美市场各类基金的多种路径依赖类期权绩效费结构，探索了精算扭曲定价方法在完全和不完全市场估值中的应用。此外，还进行了一些情景分析和敏感性研究。采用的资产净值模型类别为Lévy流程，并通过蒙特卡罗技术进行定价。