ITEM 5: FEES AND COMPENSATION
A. Advisory Fees and Compensation
NAM Singapore’s fee schedule is omitted because this brochure is required to be delivered only to qualified
purchasers as defined in the 1940 Act.
B. Payment of Fees
We receive asset-based management fees from our clients. All management fees are subject to negotiation. Fee
structures may be modified where a new account is expected to grow rapidly, where a relationship already exists
with a current client or where the client retains the registrant to provide services with respect to multiple
investment mandates.
The differing levels of basic fees across investment types take into account such factors as the degree of
investment management activity and supervision required, the nature of the discretionary or non- discretionary
service provided and the types of investment guidelines and restrictions imposed upon the management of the
accounts. In addition, there may be specialized investment strategies with individualized fee arrangements in
place as well as historical fee schedules with long-standing clients that may differ from those applicable to new
client relationships.
NAM Singapore may, in its sole discretion, reduce and/or waive management fees for a client at any time. The
specific manner in which advisory fees are charged is established in the client’s written agreement with NAM
USA. NAM USA generally bills its fees on a quarterly basis, although fees for various fund vehicles are often paid
monthly. Clients may elect to be billed in advance or in arrears. NAM USA does not directly debit fees from client
accounts.
Management fees shall be prorated for each capital contribution and withdrawal made during the applicable
billing period (with the exception of de minimis contributions and withdrawals). Accounts initiated or terminated
during a billing period will be charged a prorated fee. Our services may be terminated pursuant to the provisions
of each advisory contract. The termination provisions of any particular contract are subject to negotiation. If a
client pays fees in advance, any prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees
will be due and payable.
NAM Singapore may also manage accounts that provide for compensation on the basis of a share of the capital
gains upon, or the capital appreciation of, the client’s assets (a “performance fee”). Performance fees may be billed
quarterly, semi-annually or annually. Please see Item 6 below for further discussion of performance fees.
Nomura Asset Management Singapore Limited
Form ADV Part 2A – June 24, 2025
SEC File Number 801-37645 – CRD Number 110813
Sub-Advisory Fees
NAM USA charges asset-based management fees (“management fees”) for all its North American clients. NAM
USA pays sub-advisory fees directly or indirectly to NAM Singapore out of the management fee they receive from
those clients sub-advised by NAM Singapore.
To the extent that performance fees are paid to NAM USA for a particular account, NAM USA pays NAM
Singapore its portion out of the fees received from those clients sub-advised by NAM Singapore.
C. Additional Fees and Expenses
Our fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses which
shall be incurred by the client. Clients may incur certain charges imposed by custodians, brokers, and other third
parties, such as custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and
electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. U.S. registered
funds also charge internal operational fees, which are disclosed in a fund’s prospectus or shareholder report.
Item 12 describes the factors that NAM Singapore considers in selecting or recommending broker-dealers for
client transactions and determining the reasonableness of their compensation (e.g., commissions).
D. Prepayment of Fees
North American clients of NAM Singapore are generally not required to pre-pay fees.
E. Additional Compensation and Conflicts of Interest
NAM Singapore may invest client assets in limited circumstances in money market funds, exchange traded
funds or other types of fund vehicles managed by our affiliates or by a third party. Such investments will
typically be made where an investment cannot be made directly due to non-resident investor limitations or to
liquidity or other factors affecting direct investments in a particular asset class. In addition to the management
fee and any performance fee paid, clients will also incur, relative to investments in fund vehicles, normal
expenses and advisory fees imposed by the funds held in the account.
NAM Singapore will obtain client consent before investing in a fund vehicle managed by one of our affiliates. If
an investment is made in a fund vehicle where our affiliate charges a management or investment advisory fee,
we will waive our management fee with respect to the assets invested in such vehicle. If a client’s assets are
invested in a share class of a fund vehicle where our affiliate does not charge a management or investment
advisory fee, we will charge our regular fees on assets invested in such fund vehicle.
If you invest in a fund vehicle that we manage under a direct or a sub-advisory arrangement, please refer to the
fund’s offering memorandum, subscription agreements and other offering documents for
additional/supplementary information on the fund, including its fees and expenses.
Nomura Asset Management Singapore Limited
Form ADV Part 2A – June 24, 2025
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