Fee arrangements vary by investment strategy, service, product type, account size, customization, and additional services. Fees are negotiated and specified in the written Investment Management Agreement (IMA). Advisory implementation fees include variable fees based on notional exposure for overlay services and performance-based fees for active positioning strategies. Currency services have flat volume-based fees for agency FX trading and annual management fees for currency management. Transition management fees are based on explicit brokerage or negotiated project/asset-based fees. Investment management fees for institutional separate accounts and third-party EPI services are determined through negotiation and expressed as a percentage of assets under management. Clients also bear other costs like custodial charges and brokerage fees.