Institutional investors don’t put up with the tyranny of fixed percentage charges on funds, so why should we? : Here’s an original idea. As a fund gathers more assets under management, its managers should either consider reducing the management charge for those investors who helped the fund out at the beginning or reduce fees for all as the fund moves past key assets under management milestones. This isn’t a wild, madman idea. Over in the investment trust sector, a number of asset managers have reduced fees as the fund scales up, most notably Scottish Mortgage (SMT), run by Baillie Gifford.