Branzan charges an annual investment management fee based on assets under management, with a maximum of 1.50%. The initial account minimum for separately managed accounts is $5,000,000, but this may be waived at Branzan's discretion. Fees are prorated and charged quarterly in arrears. Clients may also incur additional fees at the investment level, such as fund expenses for mutual funds and ETFs. Specific fee details for the Private Funds are contained in each Fund’s Offering Document.