The Argument Against Performance Fees If fund managers and syndicate managers do not outperform their benchmark, they continue to get their standard fee, even if they have to forego their performance fee. We like performance, but we do not like performance fees. There are fund managers, who charge a fee for management, but then on top of that, they charge another fee if they get returns above a certain level. We object to these “performance fees”. Some fund managers will say they should have a performance…