[BryanBigs]

Exactly. Case in point: I worked on an investment team that had a product that at the time would close at $2b in assets. We were top 5% on 1/3yr performance, so we had incoming demand. The dept head was paid on sales per calendar year, so he forced us to accept the last $300m of assets in December at 0.60% fee. Our average fee on the existing $1.7b? 1.25%. If we had waited for the other pipeline biz to close in Jan-March, it would have been at least 1% fee. Many dumb buisness decisions are just logical decisions for a individual based on incentives that you can't see. They happen to be at odds with the goals of the firm as a whole.