The rise of external management fees paid by pension funds and other institutional investors are the largest part of total fund expenses, rising 55 percent over that last 15 years, according to a survey by Callan Associates.

The survey, which included 49 fund sponsors with a total of $219 billion in assets, found that the external fees accounted for 90 percent of total expenses. That’s up from 83 percent in 1998, the first year Callan collected the data.

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