Pepper is pleased to announce the release of the 2018 pfm Fees and Expenses Benchmarking Survey, produced in partnership with PEF Services and WithumSmith+Brown. The survey was launched in 2014 in response to fund managers’ questions about who should pay for various fees and expenses and we have decided to produce the report every two years so that it can be used as a benchmark to compare and review fee-related practices across the industry. Our latest results show a number of interesting developments including that investors are increasing pressure on funds to be more transparent and that with the increasing crackdown by the Securities and Exchange Commission on violations, funds are having to take disclosures to new lengths. Below is the opening analysis of the survey results from the supplement. We hope you find the entire survey results helpful.