Investment fees are expenses charged to a client for any or all of the following: discovery and development of investment objectives, portfolio design, construction and execution; asset management (i.e., selection and monitoring of securities and other financial instruments comprising a portfolio); performance reporting and benchmarking; brokerage and trading; custody; or research. 

Investment fees may be billed separately or bundled. They may be for a fixed dollar amount or to execute individual transactions, but they are typically charged during the period services are being delivered by the provider. Fees may be in the form of a percentage of assets, based on performance, or a combination thereof.  The fee level often depends on the service(s) provided and nature of the investment strategy, taking into account their complexity, type of structure, degree of liquidity, and other factors.