The Jupiter Global Fund - Jupiter Asset Management

the jupiter global fund
Notes to the Financial Statements
■■Notes to the Financial Statementsfor the year ended 30 September 2012 (continued)
7. Investment Management and Performance Fees
The Management Company appointed Jupiter Asset
Management (Bermuda) Limited (‘JAMB’) as Investment
Manager to provide certain administrative and management
services. Jupiter Asset Management Limited (‘JAML’ or the
‘Investment Manager’) replaced JAMB as Investment Manager
with effect from 1 May 2012.
The Investment Management Fee is calculated per Fund on the
basis of the daily Net Asset Value of each Fund and is payable
monthly in arrears. The fee rate per annum charged and applicable
to each Class of Shares during the year ended 30 September
2012 are as follows:
• Jupiter Asia Pacific,
Jupiter Climate Change Solutions,
Jupiter Global Financials,
Jupiter New Europe,
Jupiter Japan Select,
Jupiter Global Equities,
Jupiter North American Equities,
Jupiter China Sustainable Growth:
Class L Shares 1.50%
• Jupiter European Opportunities,
Jupiter European Growth:
Class L Shares 1.50%
Class I Shares 0.75%
• Jupiter India Select:
Class L Shares 1.75%
• Jupiter Europa:
Class L Shares A 1.75%
Class L Shares B 1.50%
(from 18 October 2011 and
1.25% until 17 October 2011)
• Jupiter Strategic Total Return:
Class L Shares 1.25%
Class I Shares 0.65%
(from 11 May 2012 and
0.75% until 10 May 2012)
• Jupiter Global Convertibles:
Class L Shares 1.70%
Class I Shares 0.90%
• Jupiter Dynamic Bond:
Class L Shares 1.25%
Class I Shares 0.50%
Where a fund invests in other funds managed by the Investment
Manager, the Fund will not be subject to additional management
fees. These related management fee reimbursements are
included as ‘Management fee rebates’ in the Statement of
Operations and amounted to €4,737 for the year ended
30 September 2012.
In addition, the Investment Manager may become entitled to
receive a Performance Fee from Jupiter Global Financials,
Jupiter Europa (with the exception of the Class L, Shares A),
Jupiter New Europe and Jupiter Strategic Total Return (with the
exception of Class I shares), calculated by reference to the outperformance
of the Net Asset Value per Share in any given
Class over the total return of the relevant benchmark for that
Class over the course of a Performance Year. The Performance
Fee accrued is based on the Fund specific performance fee rate
stated below. Any Performance Fee earned by the Investment
Manager is accumulated by the Fund and is payable to the
Investment Manager in arrears on the last day of each accounting
year. No performance fee is payable by any of the other Funds
other than those mentioned above.
• Jupiter Global Financials,
Jupiter New Europe:
Class L Shares 15%
• Jupiter Europa:
Class L Shares B 15%
• Jupiter Strategic Total Return:
Class L Shares 10%
The Performance Fees are calculated on the basis of the outperformance
of the Net Asset Value per Share of a Fund over
the Benchmark Index for that Fund, being:
(i)
the FTSE All World Financials Index (Total Return as at
midday) redenominated into the currency for each Class of
Jupiter Global Financials;
(ii) the 3 months EURIBOR, 3 months US Dollar LIBOR and 3
months Sterling LIBOR for the respective Class L Shares of
Jupiter Europa;
(iii) the MSCI Emerging Markets Europe 10/40 Index (Total
Return) for Jupiter New Europe and
(iv) the 1 month EURIBOR, 1 month US Dollar LIBOR, 1 month
CHF LIBOR and 1 month Sterling LIBOR for the respective
Class L Shares of Jupiter Strategic Total Return.
The Performance Fees charged for the year ended 30 September
2012 to Jupiter Europa was €393,440 and to each of the other
Fund was nil.
8. Management Company Fee
On 1 October 2005, RBS (Luxembourg) S.A. was appointed as
the Management Company. The list of the Funds managed by the
Management Company may be obtained, on request, at the
registered office of the Management Company.
The Management Company is responsible on a day-to-day basis,
under the supervision of the Directors of the Company, for
providing administration, marketing and investment management
services in respect of all Funds.
The Management Company has been permitted by the Company
to delegate its investment management functions to investment
managers authorised by the Company, comprising the
Investment Manager.
In the context of its marketing function, the Management Company
may enter into agreements with Distributors pursuant to which the
Distributors agree to act as intermediaries or nominees for
investors subscribing for Shares through their facilities.
In the context of its administration functions, the Management
Company has been permitted by the Company to delegate its
administration functions to third parties authorised by the
Company, comprising the Administrator.
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