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The high watermark in asset management ensures that a performance fee is only charged if the assets reach a new high at the end of the year. For example, if you deposit 50,000 euros and the assets increase to 55,000 euros, the 5,000 euro difference is used to calculate a 10% performance fee of 500 euros. If the assets drop the following year to 52,000 euros, no fee is charged. However, if the assets recover to 58,000 euros, no additional fee is charged as the high watermark of 55,000 euros is used. Some companies may charge repeated fees for recovery, which can create false incentives.
