Vanguard also compensates most of its outside managers with performance-based fees.

FORBES: The Other Side of Vanguard

New and renegotiated contracts these days tilt the balance more toward performance-based fees: often just 1% of revenues and up to 12% of profits (and sometimes only net profits at that).

ECONOMIST: Asia��s hotels

It is difficult to know exactly how much of that compensation was performance-based and how much came from fees.

FORBES: Carlyle Group, Bain Capital, And The Tax Treatment Of 'The Carry'