Brevan Howard Asset Management, the $18 billion firm suffering from losses and withdrawals, will stop charging existing clients management fees on any new investments they make in two of its hedge funds, according to a person with knowledge of the matter.

The changes will involve the $14.5 billion main fund and the $1.8 billion multistrategy fund, said the person, who asked not to be identified because the information is private. The firm will still take a 20 percent cut of profits, the people said.

Brevan, run by billionaire Alan Howard, follows Caxton Associates, Tudor Investment Corp. and Och-Ziff Capital Management in trimming fees amid lackluster performance. The industry has traditionally charged a 2 percent management fee and 20 percent incentive fee. Seventy-three percent of institutional investors said management fees need to decline further over the next 12 months, according to an investor survey by Preqin Ltd., and 54 percent said performance fees need to fall.

Anthony Payne, a spokesman for Brevan, declined to comment on the fee change, which was reported earlier Monday by the Wall Street Journal. Brevan is based in St. Helier on the island of Jersey.

The firm’s main fund lost 2.5 percent this year through August, according to an investor report. Macro funds such as Brevan bet on economic trends by trading everything from bonds to commodities. They posted an average gain of 1.1 percent in the first eight months of 2016, according to data compiled by Bloomberg.

This article was provided by Bloomberg News.