By building a intrinsic mechanism model, this paper demonstrates that the fund managers can maximize their income by choosing the proper rate of fees and expenses of open-ended mutual funds.

通过建立内生机制模型，本文说明，基金经理通过选择一个合适的管理费率和赎回费率，可以实现个人收入的最大化。

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Smith and his attorney-protectors control the Cook Islands Trust and the transferred assets, which are used as instructed by Smith to fund his personal expenses and legal fees.

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Each investor in the fund is entitled to a portion of the proceeds from the fund in proportion to the amount of money they initially contributed, less any expenses and fees provided to the fund manager.

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Many providers have designed their plans so that employers pay a small administration fee while their employees pay large participant fees that go well beyond general fund expenses and typical asset management and recordkeeping services.

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