How should investment funds / asset management companies calculate fees?

Revenues for investment funds / asset managers would be calculated as the total Gross Revenues on their income statement.  As with all companies, any pass-through revenues that flow through the income statement would be included.  Typically asset managers earn their revenues from management fees and carry (both would be included in the calculation). However, if the company listed an interest expense line item similar to a bank, the company should follow the banking guideline and not net out the interest expense from the revenue.