I dont fully understand what the management fee is.........if...

I dont fully understand what the management fee is.........

if hdf share price outperforms index then hastings (or westpac) get a chunk of the profits... blah blah blah... this is not what i dont understand.

my problem is,

I assume that If the fund were managed by itself the fee would not exist, however, a component of the fee would still be required to be paid in the form of wages and bonuses to the management. So how much actually is the fee?

Any comments?