Which of the following is NOT a common revenue source for investment banks?

Investment banks typically generate revenue through several primary sources that align with their core functions. Underwriting fees arise when banks assist companies in issuing new securities, ensuring they receive a commission for their services in managing this process. Asset management fees come from managing investment portfolios for institutions and high-net-worth individuals, while trading commissions are fees charged for executing buy and sell orders in financial markets.

Franchise fees, on the other hand, are not a typical revenue source for investment banks. These fees are more commonly associated with businesses that operate on a franchise model, such as fast-food chains, where a parent company allows independent operators to use its brand and processes in exchange for payment. Since investment banks focus on financial services related to capital markets and client advisory roles, franchise fees are not relevant to their revenue generation strategies, making this the correct answer.