First, there was about $170 million of economic net income from management fees charged on assets in the 12 months to Sept. 30.
"But who wants to pay 1.5 and 20," percentage fees charged on assets and profits, "for a randomly selected portfolio representing a well-known asset class?
Unit holders find succor in the steady management fees that buyout firms charge on assets but have remained skeptical about the income linked to investment performance that differentiates private equity from traditional asset managers like T. Rowe Price.
People setting up trusts under the new regime will pay the 6percentnt charge and a 20percentnt charge on assets above the inheritance tax threshold (£285,000 as of 6 April), meaning very few will be created.
Walia wouldn't comment on the revenue split between the two companies, but said there would be a share of the profits on the 0.5percentt annual management fee that Goldman is charging on assets invested in the fund.
Finally, there are Class C shares, with charges based on assets under management and the timing of redemption.
To administer the funds, Fidelity charges 0.6 percent on assets under $1 million, 0.45 percent on assets of $1 million or more and 0.19 percent for funds with more than $5 million in assets.
Antonov's son Vladimir lives in London, used to own Portsmouth football club and is fighting attempts by Lithuania to extradite him on charges of asset-stripping.
Chairman Tim Martin said profits for the year to the end of July rose 8.4% to a record £72.4m on revenues up 11.7%, before exceptional items such as impairment charges on pub assets and an IT write-off.
Toshiba, which was scheduled to post earnings for the business year ended in March, said newly discovered problems included incorrect impairment charges on fixed assets at several subsidiaries and improperly timed booking of loss provisions at a United States subsidiary.
