But while a fairly high percentage of investors negotiated fees, JPMorgan found that just 31% of respondents didn’t have to make any concessions in their negotiations. That’s a significant decline from 2014 when about half of them didn’t have to compromise on their demands. Among the concessions were increasing their allocations to the hedge funds, longer lock-up periods, and redemption terms with less liquidity. The firm reports that 94% of survey participants pay an average performance fee that’s lower than 2%, and the percentage of institutional investors paying between 1% and 1.5% rose to 32% last year from 27% the...