Fees and Compensation — Form ADV Part 2A (1/25/2019)
[Brochure]
Item 5: Fees and Compensation
CLIENT ACCOUNTS
Our fee schedules for separate accounts are based on the value that we expect to manage over
rolling five-year periods and will vary by investment strategy. The fees for separate accounts are
payable quarterly in arrears and are calculated based on the value of the assets in the account at
the end of each calendar quarter. SIAM US invoices clients and the invoices contain the amount
of the fee, the value of the assets in the account on which the fee was based, and the specific
manner in which the fee was calculated. Fees for partial periods are pro-rated based on the
number of days during the calendar in which an account was open. Below is our standard fee
schedule for institutional and high net worth individual accounts:
INSTITUTIONAL & HIGH NET WORTH ACCOUNTS
Strategies Management Fee Percentage Minimum Account Size
Canadian Equity
Canadian Value Equity 1.00% flat fee $50 million
Canadian Growth Equity 1.00% flat fee $50 million
Canadian Small Business 1.00% flat fee $10 million
Canadian Small Cap Growth 1.00% flat fee
$10 million
Equity
Commodity & Specialty
Energy Income 0.85% flat fee $10 million
Global Natural Resources 1.00% flat fee $50 million
Gold & Precious Metals 1.00% flat fee $10 million
Global Infrastructure 1.00% flat fee $10 million
Strategic Gold 1.00% flat fee $10 million
Strategic Energy 1.00% flat fee $25 million
Global & International Equity
Global All-Cap Growth Equity 1.00% flat fee $10 million
International Value Equity 1.00% flat fee $20 million
Far East Value Equity 1.00% flat fee $20 million
Global Value Equity 1.00% flat fee $10 million
Global Dividend Value Equity 1.00% flat fee $20 million
Global Growth Equity 1.00% flat fee $50 million
0.80% of assets on the first $5 million
0.75% on the next $5 million
Global All-Cap Value Equity 0.40% on the balance $5 million
Plus an incentive fee of 20% of the net
asset value exceeding 110% of the high
water mark; or
Flat fee of 1% $20 million
Income
1.00% of assets on the first $3 million
Equity Income $10 million
0.85% on the balance
Strategic Balanced Yield 0.85% flat fee $15 million
U.S. Equity
US Value Equity 1.00% flat fee $20 million
US Growth Equity 1.00% flat fee $50 million
(A description of the investment strategies that are available in the accounts are set out in Item 8.)
SIAM US reserves the right to negotiate fees. Fees are negotiated on an individual client basis
and are impacted by the nature of assets managed, the size of the account, and the investment
objectives and guidelines applicable to each account. Family accounts of a client’s same
household may be aggregated for the purposes of determining an advisory fee. This consolidation
practice allows the benefit of an increased total asset base resulting in a reduced advisory fee.
Each separately managed account has management fees charged at per annum rates and they are
payable in arrears on a quarterly basis. Investment funds such as closed-end funds, open-end
funds and private funds have investment management fees typically charged on a monthly basis
in arrears by us pursuant to a written advisory or sub-advisory agreement between SIAM US and
each individual fund.
MUTUAL FUNDS
SIAM US may charge different fees for its services to Mutual Funds, subject to certain agreed
upon limitations and/or waivers established between representatives of the Mutual Funds and
SIAM US.
OTHER FEES OR EXPENSES
In addition to the fees described above, clients may bear other costs associated with investments
or accounts including but not limited to: (i) custodial charges (including those custodial charges
charged by an affiliate of SIAM US), brokerage fees, commissions, transaction fees and related
costs (see Item 12 for more information on brokerage practices); (ii) interest expenses; (iii) taxes,
duties and other governmental charges; (iv) transfer and registration fees or other similar
expenses; and (v) costs associated with foreign exchange transactions. These fees are in addition
to and separate from the fees charged and collected by SIAM US. Investment funds such as
mutual funds, exchange traded funds and private funds (as described above) also charge internal
...
Account Minimums and Types of Clients — Form ADV Part 2A (1/25/2019)
[Brochure]
Item 7: Types of Clients
SIAM US provides investment advisory and investment management services to high net worth
individuals and institutional clients through a number of different types of accounts. SIAM US
may also provide investment management services to personal holding corporations, estates and
trusts. SIAM US offers a variety of investment strategies to Mutual Funds, tax-exempt employee
benefit plans, other tax exempt plans, institutional accounts of corporate sponsored entities, as
well as foundations and other charitable endowments.
The minimum account size for all separate accounts is outlined in Item 5; however, SIAM US
may agree to manage separate accounts below its stated minimum account size due to various
reasons including where there is a long standing relationship, anticipated client additions to assets
under management or where more than one individual account is part of an overall larger
relationship. SIAM US in its sole discretion may accept and maintain accounts below the stated
minimum. Item 5 provides a discussion of typical advisory fees for separate accounts.