How do wealth managers work with private funds?
This may be a very basic question, but here it goes:
What is the financial arrangement/relationship between a bank's wealth management team and the private funds that they place their client's capital into?
So for example, if a wealth manager convinces a client to invest X amount in a private equity fund or private real estate fund, how does that fund (if at all) compensate the wealth manager for basically fundraising for them?
On the same note, how do wealth managers decide which private funds they offer?
Thanks in advance for any insights! Any primers on the topic would also be super helpful (looked online but cannot find anything really useful).