Home-grown consultants such as Frontier and JANA have also been railing against manager fees for years. Frontier this year floated the idea of a dramatic change to most fee structures such that managers are paid a flat fee, calculated based on their overall costs, plus a performance fee. This would mean that managers would not lose out so badly when markets fall significantly, but of course they would not get a free kick either when markets rise. So far, the global financial crisis has not had that dramatic an effect on the way the funds management industry works – it’s just downsized for a while. Perhaps Jeremy Cooper will.