
Making your commissions
count
Are you being serviced?
Once Holte Capital had grown to a couple of hundred million dollars
in assets under management, the world of service providers and financial
counterparties started to take note of us. The implication was clear: the
more money you had invested, the more fees and attention you got.
As we approached our peak of around $1 billion in invested capital,
we were receiving a lot of love from brokers. This was sadly not because
of our good looks and charming personalities but because of the fees we
generated for them. Assuming that we turned over (the hedge-fund
term is ‘churned’) our portfolio ...