Amendment to Subadvisory Agreements
Amendment to Subadvisory Agreements
AST Investment Services, Inc. and Prudential Investments LLC and Xxxxxxx Xxxxx Asset Management, L.P. (“Subadviser”) hereby agree to amend the subadvisory agreements (including any amendments or supplements) listed below (collectively, the “Agreement”) by amending Schedule A to such Agreement (“Schedule A”). Schedule A addresses the level of subadvisory fees paid by the Manager to Subadviser under the Agreement. Schedule A is hereby replaced in its entirety with the attached Amended Schedule A, effective as of May 1, 2014.
The Agreement affected by this Amendment consists of the following:
- Subadvisory Agreement, dated as of May 1, 2003, by and among AST Investment Services, Inc., Prudential Investments LLC, and Subadviser, pursuant to which Subadviser has been retained to provide investment advisory services to the AST Xxxxxxx Sachs Small Cap Value Portfolio of Advanced Series Trust.
- Subadvisory Agreement, dated as of November 11, 2002, between AST Investment Services, Inc., and Subadviser, pursuant to which Subadviser has been retained to provide investment advisory services to the AST Xxxxxxx Xxxxx Mid-Cap Growth Portfolio of Advanced Series Trust.
- Subadvisory Agreement, dated as of April 11, 2011, by and among AST Investment Services, Inc., Prudential Investments LLC, and Subadviser, pursuant to which Subadviser has been retained to provide investment advisory services to the AST Xxxxxxx Sachs Large Cap Value Portfolio of Advanced Series Trust.
- Subadvisory Agreement, dated as of March 20, 2013, by and among AST Investment Services, Inc., Prudential Investments LLC, and Subadviser, pursuant to which Subadviser has been retained to provide investment advisory services to the AST Xxxxxxx Xxxxx Multi-Asset Portfolio of Advanced Series Trust.
AST Investment Services, Inc. and/or Prudential Investments LLC and Subadviser further agree that each Amended Schedule A supersedes any other fee arrangements, written or oral, that may be applicable to the Agreements listed above.
IN WITNESS HEREOF, AST Investment Services, Inc, Prudential Investments LLC, and Xxxxxxx Sachs Asset Management, L.P. have duly executed this Amendment as of the date and year first written above.
PRUDENTIAL INVESTMENTS LLC
By:___/s/ Xxxxxxx Tobin__________
Name:_Bradley Tobin____________
Title:__Vice President____________
AST Investment Services, Inc.
By:___/s/ Xxxxxxx Tobin__________
Name:_Bradley Tobin____________
Title:__Vice President____________
Xxxxxxx Xxxxx Asset Management, L.P.
By:___/s/ Xxxxx Green___________
Name:_Marci Green_____________
Title:__Managing Director________
Effective Date: May 1, 2014
AMENDED SCHEDULE A FOR Subadvisory Agreement
AST Xxxxxxx Xxxxx Small Cap Value Portfolio
As compensation for services provided by Xxxxxxx Sachs Asset Management, L.P. (Xxxxxxx Xxxxx), AST Investment Services, Inc. (ASTISI) and Prudential Investments LLC (PI) will pay Xxxxxxx Sachs an advisory fee on the net assets managed by Xxxxxxx Xxxxx that is equal, on an annualized basis, to the following:
| Portfolio | Subadvisory Fee Rate** |
| AST Xxxxxxx Sachs Small Cap Value Portfolio | 0.50% for first $500 million in average
daily net assets* 0.45% over $500 million in average daily net assets* |
* For purposes of calculating the fee payable to GSAM, the net assets managed by GSAM in the AST Small-Cap Value Portfolio will be aggregated with the net assets managed by GSAM in the PSF Small Cap Value Portfolio.
Effective Date: May 1, 2014
** Xxxxxxx Xxxxx has also agreed to waive the compensation due to it under this agreement to the extent necessary to reduce its effective monthly subadvisory fees for the AST Xxxxxxx Sachs Small Cap Value Portfolio by the following percentages based on the combined average daily net assets of the following portfolios: the AST Xxxxxxx Xxxxx Large Cap Value Portfolio of Advanced Series Trust, the AST Xxxxxxx Sachs Multi-Asset Portfolio of Advanced Series Trust, the AST Xxxxxxx Xxxxx Mid Cap Growth Portfolio of Advanced Series Trust, the AST Xxxxxxx Sachs Small Cap Value Portfolio of Advances Series Trust, the AST Xxxxxxx Xxxxx Strategic Income Portfolio of Advanced Series Trust, the AST Xxxxxxx Sachs Global Growth Portfolio of Advance Series Trust, and the sleeve of PSF SP Small-Cap Value Portfolio of Prudential Series Fund for which Xxxxxxx Xxxxx acts as subadviser:
Combined Asset Levels Percentage Fee Waiver
Assets up to $1 billion 2.5% Fee Reduction
Assets between $1 billion and $2.5 billion 5.0% Fee Reduction
Assets between $2.5 billion and $5.0 billion 7.5% Fee Reduction
Assets above $5.0 billion 10.0% Fee Reduction
AMENDED SCHEDULE A FOR Subadvisory Agreement
AST Xxxxxxx Sachs Mid Cap Growth Portfolio
An annual rate equal to the following percentages of the average daily net assets of the Portfolio
.28% of the portion of the average daily net assets of the Funds not in excess of $1 billion plus .25% of the portion of the net assets over $1 billion.*
Effective Date: May 1, 2014
* Xxxxxxx Xxxxx has also agreed to waive the compensation due to it under this agreement to the extent necessary to reduce its effective monthly subadvisory fees for the AST Xxxxxxx Sachs Mid Cap Growth Portfolio by the following percentages based on the combined average daily net assets of the following portfolios: the AST Xxxxxxx Xxxxx Large Cap Value Portfolio of Advanced Series Trust, the AST Xxxxxxx Sachs Multi-Asset Portfolio of Advanced Series Trust, the AST Xxxxxxx Xxxxx Mid Cap Growth Portfolio of Advanced Series Trust, the AST Xxxxxxx Sachs Small Cap Value Portfolio of Advances Series Trust, the AST Xxxxxxx Xxxxx Strategic Income Portfolio of Advanced Series Trust, the AST Xxxxxxx Sachs Global Growth Portfolio of Advance Series Trust, and the sleeve of PSF SP Small-Cap Value Portfolio of Prudential Series Fund for which Xxxxxxx Xxxxx acts as subadviser:
Combined Asset Levels Percentage Fee Waiver
Assets up to $1 billion 2.5% Fee Reduction
Assets between $1 billion and $2.5 billion 5.0% Fee Reduction
Assets between $2.5 billion and $5.0 billion 7.5% Fee Reduction
Assets above $5.0 billion 10.0% Fee Reduction
AMENDED SCHEDULE A FOR Subadvisory Agreement
Advanced Series Trust
AST Xxxxxxx Sachs Large Cap Value Portfolio
As compensation for services provided by Xxxxxxx Xxxxx Asset Management, L.P. (GSAM), Prudential Investments LLC and AST Investment Services, Inc. (formerly American Skandia Investment Services, Inc.) will pay GSAM an advisory fee (the "Fixed Fee") on the net assets managed by GSAM that is equal, on an annualized basis, to the following:
| 1. | Fixed Fee will be calculated monthly in arrears for each calendar month by the Co-Managers and forwarded to the Subadviser. |
| 2. | The Co-Managers generally will attempt to pay in good faith the Fixed Fee through electronic method in USD within 30 business days following the end of each month. |
| 3. | The Sub-Adviser will not be required to send an invoice to the Co-Managers for the Fixed Fee. |
| 4. | Annual Fixed Fee Rate will be as follows: |
Portfolio Name
AST Xxxxxxx Sachs Large-Cap Value Portfolio
Advisory Fee^
| Average Daily Account Valuation | Annual Fixed Fee Rate |
| First USD 250 million | 25 bps, (0.25%) |
| Next USD 500 million | 23 bps, (0.23%) |
| Balance above USD 750 million | 21 bps, (0.21%) |
| 5. | Fixed Fee will be rounded to the nearest xxxxx. |
Fixed Fee will be prorated as appropriate for the initial calendar month and upon termination.
| 6. | Monthly Fixed Fee = (Year to Date Average of Daily Net Assets thru Current Month End * Annual Fee Structure / Number of Days in Year * Year to Date Number of Days thru Current Month End) LESS (Year to Date Average of Daily Net Assets thru Prior Month End * Annual Fee Structure / Number of Days in Year * Year to Date Number of Days thru Prior Month End) |
Effective Date: May 1, 2014
^ Xxxxxxx Sachs has also agreed to waive the compensation due to it under this agreement to the extent necessary to reduce its effective monthly subadvisory fees for the AST Xxxxxxx Xxxxx Large Cap Value Portfolio by the following percentages based on the combined average daily net assets of the following portfolios: the AST Xxxxxxx Sachs Large Cap Value Portfolio of Advanced Series Trust, the AST Xxxxxxx Xxxxx Multi-Asset Portfolio of Advanced Series Trust, the AST Xxxxxxx Sachs Mid Cap Growth Portfolio of Advanced Series Trust, the AST Xxxxxxx Xxxxx Small Cap Value Portfolio of Advances Series Trust, the AST Xxxxxxx Sachs Strategic Income Portfolio of Advanced Series Trust, the AST Xxxxxxx Xxxxx Global Growth Portfolio of Advance Series Trust, and the sleeve of PSF SP Small-Cap Value Portfolio of Prudential Series Fund for which Xxxxxxx Sachs acts as subadviser:
Combined Asset Levels Percentage Fee Waiver
Assets up to $1 billion 2.5% Fee Reduction
Assets between $1 billion and $2.5 billion 5.0% Fee Reduction
Assets between $2.5 billion and $5.0 billion 7.5% Fee Reduction
Assets above $5.0 billion 10.0% Fee Reduction
AMENDED SCHEDULE A FOR Subadvisory Agreement
Advanced Series Trust
AST Xxxxxxx Xxxxx Multi-Asset Portfolio
As compensation for services provided by Xxxxxxx Sachs Asset Management, L.P. (GSAM), Prudential Investments LLC and AST Investment Services, Inc. (formerly American Skandia Investment Services, Inc.) will pay GSAM an advisory fee (the “Fixed Fee”) on the net assets managed by GSAM that is equal, on an annualized basis, to the following:
| 1. | Fixed Fee will be calculated monthly in arrears for each calendar month by the Co-Managers and forwarded to the Subadviser. |
| 2. | The Co-Managers generally will attempt to pay in good faith the Fixed Fee through electronic method in USD within 30 business days following the end of each month. |
| 3. | The Sub-Adviser will not be required to send an invoice to the Co-Managers for the Fixed Fee. |
| 4. | Annual Fixed Fee Rate will be as follows: |
Portfolio Name
AST Xxxxxxx Xxxxx Multi-Asset Portfolio
Advisory Fee^
| Average Daily Account Valuation | Annual Fixed Fee Rate |
| First USD 300 million | 24 bps, (0.24%) |
| Next USD 200 million | 23 bps, (0.23%) |
| Next USD 250 million | 22 bps, (0.22%) |
| Next USD 2,500 million | 21 bps, (0.21%) |
| Next USD 2,750 million | 20 bps, (0.20%) |
| Next USD 4,000 million | 17 bps, (0.17%) |
| Balance above USD 10,000 million | 14 bps, (0.14%) |
| 5. | Fixed Fee will be rounded to the nearest xxxxx. |
Fixed Fee will be prorated as appropriate for the initial calendar month and upon termination.
| 6. | Monthly Fixed Fee = (Year to Date Average of Daily Net Assets thru Current Month End * Annual Fee Structure / Number of Days in Year * Year to Date Number of Days thru Current Month End) LESS (Year to Date Average of Daily Net Assets thru Prior Month End * Annual Fee Structure / Number of Days in Year * Year to Date Number of Days thru Prior Month End) |
Effective Date: May 1, 2014
^Xxxxxxx Xxxxx has also agreed to waive the compensation due to it under this agreement to the extent necessary to reduce its effective monthly subadvisory fees for the AST Xxxxxxx Sachs Multi Asset Portfolio by the following percentages based on the combined average daily net assets of the following portfolios: the AST Xxxxxxx Xxxxx Large Cap Value Portfolio of Advanced Series Trust, the AST Xxxxxxx Sachs Multi-Asset Portfolio of Advanced Series Trust, the AST Xxxxxxx Xxxxx Mid Cap Growth Portfolio of Advanced Series Trust, the AST Xxxxxxx Sachs Small Cap Value Portfolio of Advances Series Trust, the AST Xxxxxxx Xxxxx Strategic Income Portfolio of Advanced Series Trust, the AST Xxxxxxx Sachs Global Growth Portfolio of Advance Series Trust, and the sleeve of PSF SP Small-Cap Value Portfolio of Prudential Series Fund for which Xxxxxxx Xxxxx acts as subadviser:
Combined Asset Levels Percentage Fee Waiver
Assets up to $1 billion 2.5% Fee Reduction
Assets between $1 billion and $2.5 billion 5.0% Fee Reduction
Assets between $2.5 billion and $5.0 billion 7.5% Fee Reduction
Assets above $5.0 billion 10.0% Fee Reduction
