Kelley Howes spoke to Fund Directions about the recent exam letters the Securities and Exchange Commission sent to fund advisers which included questions about the fee-review process and the role profitability plays in fund board decisions about fees.
According to Kelley, "What we've heard about that letter is that one of the things it asks about specifically is profitability, which is one of the hardest factors to really look into and look at and quantify."
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