I believe you have made a cognitive error in your article. Management fees are not flat sums like "first class ticket prices" or "tennis pro vs ball boys salaries"...

They are PERCENTAGES!

An active manager who charges 10 bps less than peers, but has 10x the AUM is certainly not earning less than the more expensive peer group.

This article is good fodder for lazy industry veterans who want confirmation bias (Am I the bad guy? No it's definity the market thats wrong!)

Maybe new innovative fee structure ideas should be written about instead of this status quo commentary?

Flat fee, fee for service, etc all come to mind as potential ideas outside the lazy "performance fee" of managers who often take risk to rake in a windfall profit.

Our industry loves to think in terms of how they can pull more capital from investors' pockets.

Counter to that, what's the best way to benefit the investor?