Be ready for $4, page-35

Hi all,

I'm wondering if someone can help clarify something about the management fees. The following is a screenshot from the Fiducian Balanced Fund. With Fiducian's 'Manage-the-Manager' model, is it correct to say that Fiducian is the responsible entity and will earn a 0.93% management fee for managing the funds under this fund?

If so, the underlying managers (e.g. Solaris, Fidelity, Bennelong, Ausbil, L1 Capital and so on) of the 'Manage-the-Manager' model would only receive at most 118-93 = 25 bps (minus a further ~8 bps for Custody/expense recovery expenses as per the PDS) from the managed fund, which seem very low for active fund management. I think I'm misunderstanding the fee structure as I'm new to Fiducian so my thanks if someone can help clarify.