Esther Wojcicki, mum of YouTube and 23andMe CEOs and the 'Godmother of Silicon Valley', shares her secrets LONDON (Reuters) - Hedge funds are ditching the traditional "two and twenty" fee structure that has hurt the sector's public image and invited criticisms of poor value for money, a global survey of hedge fund managers showed on Wednesday. The 'two' refers to the 2% annual management fee charged by fund firms on the assets managed, while the 'twenty' refers to the 20% of profits made by the fund above a certain predefined benchmark.