Peter Kraus, the former CEO of AllianceBernstein, is launching an asset management firm, Aperture Investors, with Italian insurance company Generali. Aperture will kick off with up to $4bn in seed capital that will go into funds and other types of investment vehicles.

None of this makes Aperture unique. But Kraus, 66, is betting that the firm’s fee structure will be a hit with investors and disrupt the industry.