Item 5: Fees and Compensation
We have intentionally omitted the full section on compensation for advisory services, as we are an SEC registered
adviser and this brochure is being delivered only to “qualified purchasers” as defined in Section 2(a)(51)(A) of the
Investment Company Act of 1940, as amended.
We receive compensation indirectly from our Clients. For its management services, RCM Jersey receives
compensation, including management, infrastructure, and performance fees, from our Clients. RCM Jersey pays
certain compensation, including management, infrastructure and performance fees and allocations, to us in respect
of the investment management services it provides to our Clients. We pay a fee to RCM US and RCM SG in
compensation for the investment advisory services provided by RCM US and RCM SG to our Clients pursuant to
the sub-advisory arrangement between RCM UK, RCM US and RCM SG.
Other Fees and Expenses
Other fees and expenses incurred by Clients that are not directly related to our services include, but are not limited
to, the following:
▪ costs and expenses directly related to portfolio investments or prospective investments (whether or not the
relevant investment is made), such as brokerage commissions, interest on debit balances or borrowings,
research, market data, market data management systems, (including, without limitation, fees of third party
consultants for the management, configuration and support of such systems), economic, political or market
intelligence and other information utilized with respect to a Client’s investment program (including, without
limitation, consultants’ fees and expenses, data or software subscriptions or licenses, journals and papers);
▪ costs incurred in connection with maintaining a Client and any of its investment subsidiaries, including any
administrative, management or other fees (including directors’ fees) incurred in connection with the
operation of the Client and its investment subsidiaries;
▪ any withholding or transfer taxes imposed on a Client;
▪ fees of the independent administrator of each Client and any out-of-pocket expenses of the administrator,
including applicable data, communication and technology-related charges, expenses relating to
accounting, audit and preparing, printing and distributing financial and other reports and proxy forms,
general administration and legal expenses;
▪ the costs of acquiring and maintaining Client’s memberships of relevant exchanges;
▪ expenses relating to accounting, audit and communication expenses with respect to investor services,
meetings of directors and shareholders of Clients;
▪ administration, legal and tax advisory expenses (including where services are provided via subscription
services – subscription, license and related support fees) and the fees and expenses of regulatory, tax and
other filings, reporting and compliance relating to Clients (for example, without limitation, FATCA/CRS
compliance costs, license fees and associated costs incurred in monitoring (and making applicable
disclosures of) exchange and other regulatory limits applicable to the Client’s investment positions, or
calculating and reconciling the Client’s regulatory initial margin obligations);
▪ the costs of any litigation or investigation involving a Client, indemnification and other extraordinary
expenses, the insurance (if any) for the benefit of the Client or its directors and obtaining and maintaining
any future listing of shares of the Client;
▪ any fees and expenses charged by proxy voting, or class action service providers on behalf of the Clients;
▪ the licensing and configuration of certain electronic order management systems and software, the costs of
developing and maintaining applications to support Clients’ trading strategies (including, without limitation,
third party consultants’ fees in respect of such applications and software);
▪ any costs associated with and resulting from reporting and providing information to existing and prospective
investors of Clients; and
▪ costs incurred by the Clients or directly associated with registering or marketing the Client in a particular
jurisdiction (including expenses related international regulatory or tax filings).
The RCM Entities allocate expenses to the Clients that incur them, and to the extent multiple Clients incur expenses
in the same transaction, the RCM Entities allocate the expenses among the applicable Clients and the applicable
investments of each Client in a fair and equitable manner.
All fees or expenses in connection with the use of brokerage services are separate and distinct from the
management, infrastructure and performance fees received by RCM UK and its affiliates. Please review Item 12:
Brokerage Practices below, which discusses conflicts of interest related to brokerage practices and provides
additional information on brokerage transactions and costs. For additional details regarding fees and expenses
charged to our Clients, please refer to the governing documents of the relevant Client. We do not require Clients
to pay any fees in advance. Neither RCM UK nor any of its supervised persons accepts compensation for the sale
of securities or other investment products.