That power gives ABP the ability to place greater emphasis on performance, to control fees and to insist on hurdle rates before paying them.

这种权力给了ABP更强调业绩的能力，控制费用的能力，以及在付款给经理人前坚持最低预期报酬率的能力。

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Managers earn their big money in the form of performance fees, which means bonuses rise and fall with investor returns.

经理人赚的最多的是他们的绩效费，这意味着他们的收入的多少与投资者的回报有关。

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But it is those skills for which they should be afforded performance fees, Mr Morris argues, and those alone.

默里斯认为，他们配得起这些绩效费是因为他们具有这些技能，但也仅仅因为这些技能。

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Second, a whole host of academic studies have shown there is actually in many cases an inverse correlation between fees and performance.

WSJ: The Experts: Are High Fees Worth It for Funds With Great Track Records?

Hardly a single mutual fund company with a sales load structure could justify offering only its own mutual funds to its employee 401(k), based upon fees and performance.

FORBES: An End to 401(k)s (February 1, 2002)

However, as a result of this research we realized there were significant challenges to offering such a manager-of-managers product that was competitive in terms of fees and performance and still met the specific political agendas of each prospective client.

FORBES: The Politics of Minority or Emerging Manager Programs (August 2, 2004 )