Fees and Compensation — Form ADV Part 2A (10/2/2018)
[Brochure]
5 – FEES AND COMPENSATION
City Financial charges each of the Funds an annual management fee (“Management Fee”) which usually
ranges from 1% to 2% of assets under management, depending on the terms of the particular fund,
calculated on a monthly basis and payable monthly in arrears. Fees are exclusive of brokerage
commissions, transaction fees and other related costs and expenses which shall be incurred by the
fund. In addition, the Funds may incur certain charges imposed by custodians, brokers, directors,
auditors, etc., and other fees and taxes on brokerage accounts and securities transactions - none of which
RAUM represents a manager’s gross assets under management, rather than net assets under management (“AUM”)
and therefore RAUM will be higher than AUM.
will be receivable by City Financial.
The specific manner in which fees are charged by City Financial is established in each fund's Investment
Management Agreement (or Sub-Investment Management Agreement, or Advisory Agreement, as the
case may be), and is also detailed in the fund's private placement memorandum.
Neither the Firm nor any of its employees receives compensation for the sale of securities or other
investment products.
Account Minimums and Types of Clients — Form ADV Part 2A (10/2/2018)
[Brochure]
7 – TYPES OF CLIENTS
As City Financial is an adviser to pooled investment vehicles, its clients are considered to be the
Funds. US investors in the Funds must be “qualified purchasers” as defined in Section 2(a)(51) of the
Investment Company Act.
As of August 31, 2018, the Firm’s Clients were comprised of the following:
The Funds
Abrax Merger Arbitrage Fund Ltd (feeder to the Abrax Merger Arbitrage Master Fund Ltd)
Abrax (US) LP (feeder to the Abrax Merger Arbitrage Master Fund Ltd)
Akamatsu Fund
Akamatsu Bonsai Fund
Cumulus Fund (feeder fund of Cumulus Master Fund) *
Cumulus Feeder Fund LP (feeder fund of Cumulus Master Fund) *
Cumulus Lower Volatility Fund (feeder fund of Cumulus Master Fund) *
The Decca Feeder Fund (feeder fund of the Decca Master Fund)
The Decca Feeder Fund L.P. (feeder fund of the Decca Master Fund)
*These funds are in the process of winding up.
Other Accounts
# of Accounts Type of Account
2 Unregistered hedge funds
2* SMAs
9 UCITS Funds
*The SMAs may follow the same or similar investment strategy as their reference fund.
Filed 2018-08-23 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $50,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
Filed 2018-08-23 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $50,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
Filed 2016-12-28 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $250,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
Filed 2018-11-02 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $1,000,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
Filed 2018-11-02 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $1,000,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
Filed 2017-03-10 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $100,000 · Remaining Indefinite · Duration More than one year · Commission $1,718,239 · Net Assets Decline to Disclose