Ativo's fees for separately managed accounts are based on a percentage of assets under management and vary depending on the strategy and mandate size. Fees are negotiable on a client-by-client basis. Discounted fees are offered to certain employees and associated persons. Fees are generally billed quarterly in arrears. Account minimum is $100,000, but Ativo may accept clients below these minimums at its discretion. Only Ativo’s Concentrated Strategies are available for initial investment amounts under $5,000,000.