The Jupiter Global Fund - Jupiter Asset Management

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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. 108
the jupiter global fund Notes to the Financial Statements ■■Notes to the Financial Statementsfor the year ended 30 September 2012 (continued) 8. Management Company Fee continued The Management Company will monitor on a continual basis the activities of the third parties to which it has delegated functions. The agreements entered into between the Management Company and the relevant third parties provide that the Management Company can give at any time further instructions to such third parties, and that it can withdraw their mandate with immediate effect if this is in the interest of the Shareholders. The Management Company’s liability towards the Company is not affected by the fact that it has delegated certain functions to third parties. RBS (Luxembourg) S.A. is entitled, for the provision of management company services rendered to the Company, to receive the following fee per annum based on the Net Asset Value attributable to each Fund with an overall minimum annual fee for the Company of €8,500 per Fund. Net Asset Value Up to 1 March 2012 After 1 March 2012 Fee rates Funds under VaR Approach Fee rates Funds under Commitment Approach Fee rates €0 – €100,000,000 0.075% 0.07% 0.06% €100,000,000 – €200,000,000 0.060% 0.06% 0.05% €200,000,000 and above 0.050% 0.05% 0.04% All the Funds are using the commitment approach to measure and monitor the global expense except for Jupiter Global Financials, Jupiter Strategic Total Return and Jupiter Europa which are using the Value-at-Risk (‘VaR’) approach. 9. Administration and Custodian Fees HSBC Securities Services (Luxembourg) S.A. (‘HSBC’) has been appointed to perform central administration duties for the Company pursuant to a delegation of such duties to it by the Management Company. HSBC, as Administrator and Custodian, is entitled to receive fees in accordance with market practice in Luxembourg. This fee is calculated on the basis of the Net Asset Value of each Fund. Such fee does not include normal banking and brokerage fees and commissions on transactions relating to the assets and liabilities of the Fund or any reasonable out-of pocket expenses incurred in connection with the Company and chargeable to the Company. HSBC is entitled to receive the following fees per annum based on the Net Asset Value of each Fund as the agreed remuneration for its Transfer agent, Custodian and Administration function. Transfer Agency Administration fee Custodian fee fee €0 – €100,000,000 0.02% 0.01% 0.05% €100,000,000 – €500,000,000 0.015% 0.01% 0.04% €500,000,000 and above 0.01% 0.01% 0.03% Custodian fees charged per annum are based on the assets of the country of the underlying investments together with certain transaction charges based on the number of transactions in a particular country. 10. Directors’ Fees, Expenses and Interests Mr. Garth Lorimer Turner was the Managing Director of JAMB and also therefore had an interest in the Investment Management Agreement up to 30 June 2012. Mr. Jacques Elvinger is a partner of the Luxembourg law firm of Elvinger Hoss & Prussen, which provides legal services to the Company. Mr. Adrian Creedy is a Director of the Investment Manager and has an interest in the Investment Management Agreement. He has a beneficial interest in 15,520.54 shares of Jupiter Global Convertibles Class I GBP. Each Director receives fees of €15,000 per annum. Fees due to Mr. Adrian Creedy are paid directly to JAML. Fees paid to Mr. Garth Lorimer Turner up to 30 June 2012 were paid to JAMB and thereafter to Mr. Garth Lorimer Turner. In addition, all Directors are entitled to reimbursement by the Company of any expenses directly incurred in the execution of their duties as Directors. Directors insurance for the year ended 30 September 2012 was €26,893 and is presented in the Statement of Operations as ‘Other expenses’. Save as referred to above, no Director holds any shares in the Company nor has any interest in any transaction which, during the year under review, has been effected by the Company and is unusual in its nature or conditions, or is significant to the business of the Company. 109
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