Hi, While "2 and 20" is the conventional fee structure, there are several funds that charge more than this. From the top of my head, I know SAC charges 5 (?) and 50, Rennaisance 5 and 44 and Tudor 4 and 30. Did these guys have this fee structure since inception OR did they start with "2 and 20" and then increase their fees after N years of outstanding returns? Can anybody share some insights? Cheers. Nizar.