<p class="p p1">A <a href="http://www.reuters.com/article/us-hedgefunds-passthrough-insight-idUSKBN1530JL" rel="nofollow">recent piece</a> by Reuters' Lawrence Delevingne notes that hedge-fund investors - long subjected to inflated management fees - are losing patience, particularly with "pass-through fees" which allow funds to charge clients for travel, research, bonuses on top of the 2-and-20 (2% of AUM and 20% of profits) that the funds already charge:</p>
<p>Millennium, the $34 billion New York firm led by billionaire Israel Englander, charged clients its usual fees of 5 or 6 percent of assets and 20 percent of gains in 2016, according to a person familiar with the situation. The charges left investors in Millennium's flagship fund with a net return of just 3.3 percent.</p>