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Table of Contents
| Key Findings | 4 |
| Introduction & Methodology | 6 |
| A Tale of Three Industries | 10 |
| The Costs of Growing Larger | 16 |
| The Importance of the $10 Billion AUM Threshold | 23 |
| The Fund Chargeback "Smile" | 28 |
| The European "Premium" for Running a Firm | 31 |
| The APAC "Discount" for Running a Fund | 35 |
| Deep Dive: The Expense Impacts of Hedge Fund Regulation | 39 |
| Conclusion | 45 |