Item 5: Fees and Compensation
Fees for Advisory Services. When the Firm acts as sub-adviser to an affiliate, the Firm may
receive periodic compensation, including reimbursement for direct and indirect costs and
expenses incurred by the Firm in the performance of sub-advisory services plus an administrative
fee calculated over such costs and expenses, on an arms-length basis. In most cases, the level or
amount of payments is determined internally among the Firm and its affiliate on an arms-length
basis. Similar fees are paid to the Firm for services to its affiliates involving the recommendation
of pooled funds and investment managers.
When the Firm acts as adviser pursuant to a contract with a third-party client (including a fund) or
as sub-adviser to a primary adviser or a fund client, the Firm receives fees based on a percentage of
the assets under management of the account (or, for funds, net asset value). The allocation or
recommendation of an affiliated fund investment results in two fees being paid to Itau, because a
fee is charged in relation to the advice as well as at the underlying fund level, as discussed further,
under Item 10.
Fees for Fund of Funds Clients. With respect to pooled investment vehicles in the Fund of Funds
strategy, the fees are defined in the governing documents.
Fees for Latin American Equity Clients. In reference to the Latin America Equity strategy, the fee
schedule is negotiable.
Fees for Solutions Clients. Solutions services are based on a negotiated fee arrangement depending
on a client’s specific portfolio, mandate, or relationship. IUAM receives a portion of the program
fees for its services. With respect to separately managed accounts, depending on the complexity of
the relationship, the fee will range up to two percent (2%) of assets under management. To the
extent that a Solutions client invests in investment funds, investment vehicles or other investments
that impose fees or expenses upon interest holders, the client understands that such fees and
expenses shall be in addition to the fees and expenses described above, regardless of whether such
investment funds or vehicles are managed, advised, administered or sponsored by third parties or
by IUAM or any of its affiliates, and shall be borne and paid by the client, as further discussed
below.
For more detailed information and a complete description of the fees and costs associated with any
of the investment funds sponsored by the adviser or its affiliates, please contact the Firm at (212)
845-0600. Previous client fee schedules may have differed. All fees are negotiable.
Form ADV Part 2A Brochure | March 2026
The Firm may charge its fees monthly or quarterly in arrears, with billing generally as agreed
between the Firm and its client. Fees are typically invoiced periodically to clients. The client and/or
its administrator/custodian may exercise discretion on the mode or method of payment to be made
to the Firm.
When acting as a sub-adviser, the Firm generally is paid by the client’s primary adviser. The timing
and amount of such payments may not correlate to the timing or amount of payments that the
shareholders of the fund or the final client pay to the primary adviser. The Firm currently does not
require the advance payment of fees. If, in the future, the Firm agrees to arrangements for advance
payment of fees, it would expect to refund pre-paid fees on a pro rata basis in the event a contract
is terminated prior to the close of a billing period.
In some cases, the Firm may receive performance-based fees. Further disclosure regarding
performance-based fees is provided in Item 6.
Clients may be subject to costs and expenses beyond the investment advisory fee. These expenses
may arise from service providers such as a custodian of the client’s assets. Such service providers
may be arranged by the Firm, by the client or by another party (such as a primary adviser) on the
client’s behalf. When service providers are engaged by someone other than the Firm, it is generally
the case that the Firm is not consulted as to the identification of the service provider.
A fund client is subject to additional service provider expenses, such as those charged by a fund
administrator, outside legal counsel and auditors to perform the fund’s annual audit and the
preparation of audited financial statements. When a fund or separately managed account client
invests in a private fund or offshore mutual fund, the client is subject not only to the advisory fees
and expenses paid directly by the client, but also to the management fees and other expenses
incurred by the underlying fund or offshore mutual fund. Such layering of fees and expenses reduces
the net performance of a fund or account. As many of the underlying funds’ managers charge
performance-based compensation, a client may be indirectly subject to such performance-based
compensation payable to certain fund managers, even if the overall performance of the client’s
investment in that fund is negative. Certain clients may invest in funds managed by the Firm or its
affiliates, sometimes in zero fee share classes; however, even with zero fee share classes, such
clients would be exposed to other underlying expenses related to the investee fund.
If the Firm manages a client’s assets, the client usually incurs brokerage expenses (such as
commissions or spreads) and may incur other transaction costs on purchases and sales of
investments. The client, and not the Firm, is responsible for such expenses and costs. See Item 12,
below, which discusses brokerage in more detail.
Form ADV Part 2A Brochure | March 2026