Legato's fees are established on a client-by-client basis and are typically based on a percentage of assets under management. The fees are generally inclusive of the sub-advisers' fees. Legato also receives flat fees for advisory services. All fees are subject to negotiation and can differ from the stated fee based on factors such as the type of mandate, size of the portfolio, and complexity of the relationship or strategy. Fees are payable quarterly, in arrears.