President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
The heat on hedge fund fees is getting turned up, and one major player has made a significant capitulation.
Facing investor redemptions and faltering performance, Brevan Howard, the London-based firm with a $14.5 billion flagship fund, is telling existing clients that it is waiving its management fee, CNBC has confirmed. Clients still will be charged a 20 percent performance fee. The change will not apply to new investors and will take effect Dec. 1.
Brevan Howard's Master fund reportedly had declined 2.5 percent through August.
Brevan Howard representatives declined to comment.
The move comes amid increased pressure on the $2.9 trillion industry to reform its controversial 2-and-20 fee structure. Industry data tracker Preqin noted that "lower recent performance, high-profile redemptions and increased concern from investors on the issue of fees have influenced many hedge fund managers to bring their management and performance charges below the 2 and 20 'industry standard.'"
In fact, only 35 percent of the funds that Preqin tracks still use 2-and-20. The average management fee is now 1.57 percent, though the performance fee remains at a relatively lofty 19.29 percent. Newer funds have moved even lower, with average fees of 1.53 percent and 19.13 percent, respectively, Preqin reported.
A recent Preqin survey showed 49 percent of hedge fund clients citing fees as the most important issue for the industry over the next year. Fully 58 percent said they don't believe their interests are aligned with their managers', though 58 percent said they've seen conditions "shift in their favor."
"The hedge fund market is increasingly crowded, and many smaller or newer managers are seeking to make their lower fees a way to differentiate themselves from their competitors." Amy Bensted, head of hedge fund products at Preqin, said in a statement.
"It is true that the largest, oldest and best-performing hedge funds are still able to command higher fees, but if investors are prepared to commit to a lesser-known fund, they may find many opportunities that offer them a significantly lower fee rate," Bensted added.
There are 8,406 total hedge funds and another 1,601 funds of funds, down marginally from 8,474 and 1,657, respectively, at the end of 2015, according to data tracker HFR. The levels of both launches and liquidations are on the decline this year, with 406 new firms opening and 530 closing. Total assets of $2.898 trillion are little changed this year.
Performance has been underwhelming, with the HFRI Fund Weighted Composite Index up 3.5 percent through August, compared to a 7.8 percent total return (including dividends) for the .