Fees are negotiated on a case-by-case basis and depend on the account characteristics and relationship with the client. The firm uses the following fee scales as a guide: Institutional fixed income portfolios - 0.30% of the first $50 million, 0.25% of the next $50 million and 0.20% of assets over $100 million. Non-institutional fixed income portfolios - 0.50% of all assets under management. Institutional equity portfolios - 0.75% of the first $10 million, 0.60% of the next $15 million, 0.50% of the next $25 million, 0.40% of the next $50 million and 0.30% of assets over $100 million. Non-institutional equity portfolios - 1.0% of all assets under management. International equity portfolios - 1.0% of the first $10 million, 0.85% of the next $15 million, 0.75% of the next $25 million, 0.65% of the next $50 million and 0.55% of assets over $100 million. Real estate portfolios are negotiated on a case-by-case basis.