ITEM 5 – FEES AND COMPENSATION
BIILLING PRACTICES
SCM bills our clients on either a monthly, quarterly or annual basis. Depending on the introducing relationship
(e.g., brokerage firm, wrap sponsor, institutional consultant, etc.), we bill in arrears or in advance and the fee
calculation may be based on average monthly balances, quarter-end market values or some other mutually
agreed upon methodology. Partial periods may occur at account inception and termination; fees for partial
periods are pro-rated. Refunds for payments made in advance are processed in accordance with the terms
of the client or platform contract.
Snow Capital Management L.P. – Form ADV Part 2A Page 7 of 24
Clients may pay fees in several different ways and are often dependent on your relationship with SCM. Often,
fees are paid through an arrangement between your custodian or financial advisor and SCM. Details
regarding these types of payments can be found in your custodial paperwork.
In some cases, certain “qualified custodians” (e.g., broker-dealers) allow SCM to deduct advisory fees directly
from client accounts. More information on these types of relationships can be found in Item 15 – Custody.
Additionally, there may be instances where fees are paid directly to the Firm by the client in a pre-established
manner (e.g., check, money order or wire).
ADVISORY AND FINANCIAL PLANNING SERVICES
Advisory fees will be negotiated on a client by client basis and are based on a percentage of assets. Fees
charged by SCM for these types of services will not exceed 1.00% of assets.
SEPARATELY MANAGED ACCOUNTS
SCM’s annual fee schedule for separately managed accounts is as follows:
All Cap Value
1.00% on assets under $10 million
0.50% on assets over $10 million
Equity Income
0.75% on assets under $10 million
0.50% on assets over $10 million
Focused Value
1.00% on assets under $10 million
0.45% on assets over $10 million
Large Cap Value
0.55% on assets under $10 million
0.40% on assets over $10 million
Small Cap Value
1.00% on assets under $10 million
0.70% on assets over $10 million
Snow Capital Management L.P. – Form ADV Part 2A Page 8 of 24
SMid Cap Value
1.00% on assets under $10 million
0.60% on assets over $10 million
All fees and account minimums are negotiable and may be discounted for wrap fee programs, friends and
family, model-based or institutional accounts. The schedules above only reflect SCM’s investment
management fee. See “Other Fees and Expenses” for more information on potential additional costs that
may be associated with your account.
WRAP FEE PROGRAMS
Clients in wrap fee programs pay a single fee to the program sponsor, which includes management and
transaction fees for the client account. When SCM manages funds through a wrap fee, we receive a portion
of the fee charged by the sponsor. In some circumstances, clients will see those fees payable to SCM
itemized, and in other cases, they will be bundled together with the fees charged by the sponsor.
MUTUAL FUNDS
Investors pay certain fees and expenses if they buy and hold shares of mutual funds. The Snow Capital Family
of Funds’ fees and expenses are found in the Funds’ prospectus at www.snowcm.com.
For funds where SCM has been engaged as a sub-adviser to other mutual funds, SCM receives a
management fee from the fund’s registered investment company.
PRIVATE FUND
Snow Capital Management LLC (“SCM LLC”) is the sole general partner of SCIP. The SCIP Private Placement
Memorandum (PPM) sets forth all fees.
OTHER FEES AND EXPENSES
You may pay other expenses in addition to the advisory fees paid to SCM. For example, you may pay
brokerage commissions, exchange fees, transaction costs, custodial fees, deferred sales charges, odd-lot
differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes which are
unrelated to the fees paid to SCM. Mutual funds and exchange-traded funds also charge internal
management fees, which are detailed in the prospectuses. Such charges, fees and commissions are
exclusive of and in addition to SCM’s advisory fee. Additional details relating to other fees and expenses are
found in Item 12 – Brokerage Practices.
TERMINATION OF ACCOUNT
Clients may close their accounts by giving SCM written notice at least 30 days in advance, although this
requirement may be waived. Final client fees will be pro-rated through the termination date.
Wrap fee and model portfolio program clients should refer to the respective program’s sponsors’ agreement
for termination charges.
Snow Capital Management L.P. – Form ADV Part 2A Page 9 of 24
ADDITIONAL COMPENSATION
SCM and its employees do not accept compensation, including sales charges or service fees, for the sale of
securities or other investment products, including asset-based sales charges or service fees from the sale
of mutual funds. Certain SCM employees receive compensation based in part on gross sales of SCM’s
investment programs. This percentage of revenue compensation received varies by investment program.
This practice presents a potential conflict of interest because it may give SCM or our employees an incentive
to recommend investment programs based on the compensation received, rather than solely on the basis of
a client’s needs. SCM maintains compliance policies and procedures to ensure that employee compensation
programs do not interfere with our fiduciary duty to our clients.
ERISA ACCOUNTS
SCM is deemed to be a fiduciary to advisory clients that are employee benefit plans or individual retirement
accounts (IRAs) pursuant to the Employee Retirement Income and Securities Act ("ERISA"), and regulations
under the Internal Revenue Code of 1986, respectively. As such, our Firm is subject to specific duties and
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