chiefvelle, cheeseman a investment officer at tcw. this is bloomberg. ♪ david: this is "bloomberg markets." vonnie: one of the world's largest -- cutting its management fees. this highlights the changing balance of power in the industry which is somewhat under attack from investors and competing money managers. mike regan has been following this powershift. what was behind the goal now? it seems a bit late to be cutting fees. two and 20 is the stereotype. they've been coming down gradually over the years. the latest number i saw was 1.5% is the average for the management fee. that is the fee you have to paying a matter what. -- you have to pay no matter what. the 20 is the performance be. that has dropped down to 17.5%. obviously, the pressure is really mounting now. a lot of pension funds, endowments, insurance companies are big hedge fund investors, they are all pulling money out. the balance of power has shifted. investors have realized we can --h back on these fees david: our colleague talking about the trans-we've seen -- trends