L3 GIPS 问题（3）

I.1.B.3 中建议说when presenting net-of-fees returns, firms should accrue investment management fees

但是在IMPLEMENTATION (3) page(283)中却说

A net-of-fees return is defined as the gross-of-fees return reduced by investment management fees, including performance-based fees and carried interest (the general partners’ portion of the profits earned on a fund’s investments).

这样两者是不是就矛盾了呢？

同时有没有TX能解释下面这句话呢？

 If investment management fees are paid directly from the client’s account, they must be treated as external cash flows for gross-of-fees return calculations; if they are not paid directly from the client’s account, they must be attributed to the portfolio and deducted for net-of-fees performance calculations.