Fees and Compensation — Form ADV Part 2A (7/30/2026)
[Brochure]
Item 5: Fees and Compensation
FEE SCHEDULES:
Fixed Income
Product Fee Schedule
Multi-Sector Global Aggregate 25 bps on first $100M
20 bps on next $100M
15 bps thereafter
Government Global Sovereign 20 bps on first $100M
15 bps on next $100M
10 bps thereafter
Government: Inflation-Linked Global ILB 22.5 bps on first $250M
17.5 bps on next $250M
15 bps thereafter
Government: Inflation-Linked 20 bps on first $250M
U.S. TIPS 16 bps on next $250M
12 bps thereafter
Short Duration 15 bps on first $100M
10 bps on next $100M
8 bps thereafter
U.S. Core High Yield 55-37 bps
U.S. Dynamic High Yield 60 bps
U.S. Short Duration High Yield 45 bps
U.S. Enhanced High Yield 95 bps
U.S. Corporate Investment Grade 15-30 bps
Global Fixed Income 45-60 bps
Currency- Active Hedging 10 bps
20% performance share
Currency- 5% Volatility Target 50 bps on all assets
20% performance share
Mortgage Index 15 bps on first $200M
10 bps on next $100M
8 bps thereafter
Mortgage Alpha 20 bps on all assets
20% performance share
Structured Finance
Significant Risk Transfer Up to 2%
US Structured Finance 25-50 bps
Mortgage-Backed Securities Up to 2%
Collateralized Loan Obligations Senior Collateral Management Fee: 10-15 bps
Subordinated Collateral Management Fee: 14-
35 bps
Incentive Collateral Management Fee: 15.0-
20.0% of Interest and Principal Proceeds
(subject to IRR hurdles)
Equities
U.S. Small Cap Equity 60 bps on first $100M
40 bps on next $100M
35 bps thereafter
U.S. Growth Equity 50 bps on first $100M
40 bps on next $100M
35 bps thereafter
Quantitative Equity Substantiable Equity:
20 bps on assets up to $25M,
15 bps above $25M
US Small Cap Equity:
65 bps on assets up to $25M
60 bps on $25M-$50M
55 bps on $50M-$150M
50 bps above $150M
Thematic Investing Strategies 35-60 bps depending on amount of assets
Investors in Private Funds should refer to the private placement memorandum or other relevant
governing documents for a full description of the fees and expenses.
Management fees are generally payable quarterly (although monthly, semi-annual and annual
payment periods are also used), in arrears, based on the net asset value of the account as of the
last day of the preceding quarter or on the average market value of assets managed within the
calendar quarter. For clients whose investments reside in managed accounts, we will utilize our
own valuation of each portfolio for fee calculation purposes as outlined in detail in each client’s
investment management agreement. Such values sometimes do not agree with valuations issued
by a client’s custodian. Valuations generally will be the sum of the cash and net market value of
the securities in the account. Fees are invoiced separately to managed account clients in the
above strategies and are not deducted directly from such client account.
The Firms basic fee schedules, listed above, are subject to negotiation between the parties at the
Firm’s discretion. The precise schedule of fees is dependent upon the size of the mandate as well
as any client specific requirements. With respect to pooled investment vehicles, the Firm can
enter into side letter arrangements granting investors different terms such as reduction in
management fees, expense caps, and reduced lock-up periods.
Fee Schedule for the U.S. Investment Companies:
The Firm provides portfolio management services in our capacity as sub-adviser to the U.S.
Investment Companies. In accordance with our sub-advisory assignments, the Firm receives
negotiated management fees based on assets under management for each of the U.S.
Investment Companies, which are calculated and accrued on a daily basis and paid monthly in
arrears. For those sub-advisory assignments that involve affiliates pursuant to the PAAs, the Firm
shares with such entities a portion of the fees it receives from such U.S. clients pursuant to a fee
...
Account Minimums and Types of Clients — Form ADV Part 2A (7/30/2026)
[Brochure]
Item 7: Types of Clients
The Firm provides investment advisory services to various types of clients including:
• Central banks and official institutions
• Supranational organizations
• Public funds and employee pension funds
• Insurance companies
• Endowments and foundations
• Domestic and foreign corporations
• State or municipal government entities
• Commercial banks and multinational investment banks
• Financial services companies
• Trusts
• Mutual funds registered under the Investment Company Act of 1940
• Collateral Loan Obligations
• Private funds
• Luxembourg-domiciled RAIFs
Conditions for Managing Separate Accounts:
In most strategies, the Firm requires a minimum initial investment of $50 million to open an
individually managed account. The Firm may accept accounts of less than $50 million in its sole
discretion.
Conditions for Managing Real Estate Separate Accounts:
The Firm has discretion to accept accounts of any size based on client investment objectives.
Conditions for Subscription to Private Funds:
The Firm normally requires a minimum investment as described in each fund's governing
documents. Investors must be non-U.S. Persons or "accredited investors" under Regulation D
and "qualified purchasers" under the 1940 Act.