Read: U.S. institutional investors paid $1.5 billion in management fees in 2022: reportThe highest average basis point fees went to hedge fund-of-funds (113 bps) and private real assets (88 bps), while the lowest average bps fees went to passive U.S. large-cap (1.9 bps) and small-cap equities (3.1 bps). Passive management usage in U.S. small- and mid-cap equities increased by six per cent from 2023 to 29 per cent, while passive usage for core fixed income increased two per cent to 47 per cent. Meanwhile, passive usage decreased slightly for both U.S. large-cap equities (down three per cent to 70 per cent) and global equities (down one per cent to 41 per cent). Public funds had the largest share of AUM by percentage of mandates (34 per cent) and assets (50 per cent). Read: Institutional investors accepting higher management fees amid push toward alternative assets: expert