Investment management fees are based on the type of strategy and the amount of assets in the account. Fees vary based on portfolio size, breakpoints, product structure, servicing requirements, asset aggregation, and minimum fee arrangements. Fees may be subject to negotiation and can be higher or lower across different managed account programs. Passive equity strategies range from 0.16% to 0.28%, active equity strategies range from 0.28% to 0.55%, and fixed income strategies range from 0.18% to 0.30%. Clients are also subject to custodial, brokerage, and other transaction costs.