Gross of fees vs. Net of fees

[FrankCFA]

The difference between gross of fees and net of fees is investment management fees.
So custody fees are not included in both right? Thanks!

 

[derswap07]

Right.

 

[zulu007]

Right but in case of bundled fees, if actual trading expenses cannot be directly broken down, gross of fee return must be reduced by the whole bundled fee (which may include custody fees in it).