The profit a manager makes from management and advisory fees, before any gain from selling investments. It is the steady, recurring part of the business.
费用相关收益
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| $1.57bn | Blackstone's profit falls as choppy market tempers investment exits 费用相关收益 · 第 3 张术语卡 | It rose 6 per cent to $1.57 billion and supplied 83 per cent of segment earnings, up from 75 per cent. FRE 大致等于「收费资产规模 × 费率 − 成本」，与市场好坏关系不大。所以退出停摆时它照样增长——这也是私募巨头越来越像「收租」生意、而不是「炒股」生意原因。 |