In a recent ACA Compliance Group (ACA) webinar, Colleen Marencik and Tessa Carbone, director and principal consultant, respectively, at ACA, discussed the results of ACA’s recently completed 2018 Alternative Fund Manager Compliance Survey. This article, the second in our two-part coverage, analyzes the portions of the survey relating to fees and expenses, as well as custody. The first article examined the survey’s demographics and the key takeaways from the portions of the survey covering SEC examination experience and insider trading controls. For coverage of ACA’s 2017 compliance survey, see “SEC Exams and Practices Used to Mitigate Counterparty Risk” (Jan. 18, 2018); and “Investment Allocations, Conflicts of Interest and Valuation” (Feb. 1, 2018).