Hello Ted
I read your article with great interest mainly because I feel strongly, like you, that the interests of managers and investors should be aligned.
Another fee structure, the fulcrum fee, proposed by Morningstar, might also do the trick.
http://www.morningstar.co.uk/uk/news/64227/the-ins-and-outs-of-performa…
My two cents for the cause.
Best wishes
Savio