Big Drop Today, page-18

The lions share of revenue comes from their base management fees and these are paid on FUM no matter how well (or badly) the funds perform. They report FUM quarterly - so we get pretty regular updates.

Performance fees (10-20% of outperformance vs fund benchmark) are icing on the cake.... however, outperformance drives FUM too as more people want to invest with someone outperforming the market.

Pendle has so many funds it’s hard to keep track!