Performance Fees
Skip Ribbon Commands
Skip to main content

This system library was created by the Publishing feature to store pages that are created in this site.

Performance Fees

courseType Technical Skills, Financial Sector

Course preview

No content to display

Show interest form

Please fill this form and you will get notified when a new session is available.

* * * * *
  terms and conditions.

*  required information

Contact PwC's Academy

Phone +352 49 48 48 4040

PwC's Academy
2 rue Gerhard Mercator
L-2182 Luxembourg
map & driving instructions

cancellation policies

general terms and conditions

Cofinancement de la formation: les nouvelles dispositions législatives 2018

Pour plus d'informations veuillez consulter notre article.

Ou directement : Lifelonglearning​​

Interested in a in-house workshop?

Please let us know if you are interested in organising this training course as an in-house training workshop.

Send us more information

Related courses

General course details


Investment funds remunerate more and more their investment managers with a fee based on performance in addition to a management fee. Performance fees are considered as a tool to align the interests of both investors and investment managers.
In Luxembourg, the second largest fund center outside of the United States, there is no regulatory restrictions in terms of performance fees, the best practice being to obtain the validation of the CSSF. As every calculation method is possible, it is essential to understand the pitfalls and issues linked to performance fees calculation.
PwC's Academy is pleased to offer a training workshop dedicated to understanding the principles of the performance fees calculation and to providing some considerations impacting the main actors before introducing a performance fee. This training will also highlight the different issues linked to performance fees,  give some insights on best practices and provide the opportunity to go through practical application through real life exercises.


Upon completion of the course, participants will be able to:
  • Distinguish and understand the different methods of performance fees calculation
  • Assess the advantages and disadvantages of each calculation method
  • Identify the potential issues and monitor the risks linked to the introduction of performance fees
  • Perform validation checks on performance fees calculation


  • Market practice in Luxembourg for UCITS funds
  • Basic principles of performance fees calculation and their pros and cons
       - Classic method (High Water Mark, Loss Carried Forward, Benchmark,  Hurdle, Cristallization, etc.) 
       - Series of shares method 
       - Equalization method (equalization credit/debit, depreciation deposit, etc.)
  • Carried interest
  • Practical exercises (analysis of the performance fees calculation method described in the prospectus, review and improvement of calculation files, review of the consistency between the prospectus and the calculation file, calculation of equalization credit/debit , etc.)
  • Key factors (risk management, marketing, etc.) to consider before implementing performance fees. Analysis developed from the following perspectives:
        - Investors
        - Managers
        - Administration
        - Reporting
        - Distribution
  • Analysis of most common mistakes linked to the performance fees calculation (examples of CSSF 2002/77 cases)

Target audience

  • Fund Service Providers (from Fund accounting, Risk Management, Regulatory departments, Client Relationship Managers, etc.)
  • Fund Promoters


This training will be coordinated by Frédéric Botteman, Partner, PwC Luxembourg.
It will be animated by specialists of PwC Luxembourg working on performance fees issues on a daily basis.



Number of participants

Limited to 16 participants, to ensure good interactivity


1.5 day

© 2020 PricewaterhouseCoopers Academy S.à r.l. All rights reserved. "PwC" refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.
This website uses cookies to provide a personalized browsing experience and appropriate site functionality.
By using this site, you agree to our use of cookies as outlined in our cookies policy. More information