Real Estate Asset Management Companies’ Economies of Scale: Is It a Dream or Reality? The Italian Case

Table 6

Percentage of administrative costs in terms of AUM.

SGR	Administrative costs in % of AUM
	2018	2017	2016	2015	2014	2013
1	0.000271%	0.000273%	0.000288%	0.000331%	0.000319%	0.000292%
2	0.000277%	0.000269%	0.000267%	0.000269%	0.000323%	0.000464%
3	0.000305%	0.000287%	0.000309%	0.000219%	0.000216%	0.000252%
4	0.000503%	0.000657%	0.000573%	0.000364%	0.000109%	0.000129%
5	0.000311%	0.000327%	0.000374%	0.000355%	0.000202%	0.000157%
6	0.000268%	0.000315%	0.000294%	0.000343%	0.000372%	0.000358%
7	0.000182%	0.000195%	0.000203%	0.000196%	0.000203%	0.000340%
8	0.000184%	0.000186%	0.000220%	0.000336%	0.000437%	0.004489%
9	0.000194%	0.000253%	0.000242%	0.000184%	0.000290%	0.000260%
10	0.000255%	0.000267%	0.000253%	0.000291%	0.000378%	0.000782%
11	0.000347%	0.000358%	0.000342%	0.000337%	0.000380%	0.000414%
12	0.000421%	0.000413%	0.000401%	0.000283%	0.000336%	0.000315%
13	0.000500%	0.000590%	0.000393%	0.000378%	0.000345%	0.000279%
14	0.000311%	0.000287%	0.000270%	0.000258%	0.000256%	0.000173%
15	—	—	0.000192%	0.000252%	0.000260%	0.000390%
16	0.000513%	0.000596%	0.000612%	0.000595%	0.000580%	0.000418%
17	0.000306%	0.000322%	0.000296%	0.000366%	0.000305%	0.000346%
18	0.000443%	0.000612%	0.000563%	0.000890%	0.000873%	0.001051%
19	0.000555%	0.000564%	0.000795%	0.000805%	0.000834%	0.000683%
20	0.000191%	0.000256%	0.000352%	0.000384%	0.000365%	0.000388%
21	0.000203%	0.000213%	0.000214%	0.000417%	0.000350%	0.000323%
22	0.000401%	0.000434%	0.000602%	0.000505%	0.000276%	0.000304%
23	0.003491%	0.004599%	0.000511%	0.000515%	0.000484%	0.000397%
24	0.006215%	0.002744%	0.001554%	0.001071%	0.000966%	0.001381%
25	0.001138%	0.001181%	0.001081%	0.000463%	0.000638%	0.000726%
26	0.000270%	0.000286%	0.000688%	0.000669%	0.000427%	0.000340%