Incentive Fees - Erfolgsabhängige Vergütungsmodelle deutscher Publikumsfonds

This paper analyzes the current use of incentive-fee-concepts for mutual funds inGermany. Following an empirical analysis about the relevance of these methods,the different methods of calculation and the influence of different parameters aredescribed. Further on it explains the impacts of possible basis of assessment, theclearing period and the opportunities of carrying back the obtained performancefrom the investor’s point of view.

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Year of publication:	2003-07-01
Authors:	Kluß, Norbert ; König, Marcus ; Cremers, Heinz
Institutions:	Frankfurt School of Finance & Management
Subject:	Lohnsystem \| Portfolio Selection \| Anreizsystem \| Investmentfonds

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1. Einleitung
2. Bestandsaufnahme
3. Ausgestaltungsformen
3.1. Bemessungsgrundlagen
3.2. Bezugsperiode
3.3. Periodenübergreifende Verrechnung erzielter Renditen
3.4. Entlohnungsfunktionen und deren Restriktionen
4. Resümee
5. Anhang
6. Literaturverzeichnis

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