Ann: Market Update, page-4

Yep, putting two and two together it seems like the upfront/transaction fees they were charging in their retail products was heavily driving profitability and was the main source of them earning more than they should have been earning relative to their AUM. They've said they'll do this in future periods, but they really should go back and restate the last two years of reports to split out true recurring fees vs. transaction/upfront fees, so it's clear what's going on.