Money managers were under huge fee pressure in 2001 because of poor market performance, according to the Competitive Challenges 2002 survey from Capital Resource Advisors business strategies group. The report, being published at the end of the month, noted that average fees were down more than three basis points last year despite managers efforts to sell more high-fee investment strategies. Expense growth outstripped revenue growth, rising 7% from the previous year, which helped drop profit margins to a little less than 26%, from 32% in 2000. Managers also were hampered by an average one-year growth rate in assets under management that dropped to 3%, from 13% the previous year. Revenue growth dropped to an average 1% from 23% in 2000.