AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT Allianz Funds Multi- Strategy Trust
Exhibit (d)(1)(viii)
AMENDED AND RESTATED
INVESTMENT MANAGEMENT AGREEMENT
INVESTMENT MANAGEMENT AGREEMENT
| This Amended and Restated Investment Management Agreement, dated as of September 1, 2011, further amends and restates the Investment Management Agreement executed as of March 28, 2008, as subsequently amended and restated, by and between ALLIANZ FUNDS MULTI-STRATEGY TRUST, a Massachusetts business trust (the “Trust”), on behalf of each series of the Trust identified from time to time on Schedule A to this Agreement (each a “Fund” and together “Funds”), and ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC, a Delaware limited liability company (the “Manager”). |
WITNESSETH:
That in consideration of the mutual covenants herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY THE MANAGER TO THE TRUST.
(a) Subject always to the control of the Trustees of the Trust and to such policies as the
Trustees may determine, the Manager will, at its expense, either directly or through others
selected by it: (i) furnish continuously an investment program for the Funds and will make
investment decisions on behalf of each Fund and place all orders for the purchase and sale of
portfolio securities or other investments and (ii) except for those Funds listed on Schedule A as
“Unitary Fee Funds” (for which such services are provided by the Manager, along with other
services, under a separate administration agreement), furnish office space and equipment, provide
bookkeeping and clerical services (excluding determination of net asset value and shareholder
accounting services) and pay all salaries, fees and expenses of officers and Trustees of the Trust
who are affiliated with the Manager (unless such salaries, fees and expenses of such officers and
Trustees are paid by another affiliate of the Manager other than the Fund). In the performance of
its duties, the Manager will comply with the provisions of the Amended and Restated Agreement and
Declaration of Trust (the “Agreement and Declaration of Trust”) and By-laws of the Trust, each as
amended from time to time, and each Fund’s stated investment objectives, policies and restrictions.
(b) In the selection of brokers or dealers and the placing of orders for the purchase and sale
of portfolio investments for each Fund, the Manager shall seek to obtain for each Fund the most
favorable price and execution available, except to the extent it may be permitted to pay higher
brokerage commissions for brokerage and research services as described below. In using
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its best efforts to obtain for a Fund the most favorable price and execution available, the
Manager, bearing in mind such Fund’s best interests at all times, shall consider all factors it
deems relevant, including by way of illustration, price, the size of the transaction, the nature of
the market for the security, the amount of the commission, the timing of the transaction taking
into account market prices and trends, the reputation, experience and financial stability of the
broker or dealer involved and the quality of service rendered by the broker or dealer in other
transactions. Subject to such policies as the Trustees may determine, the Manager shall not be
deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise
solely by reason of its having caused a Fund to pay a broker or dealer that provides brokerage and
research services to the Manager an amount of commission for effecting a portfolio investment
transaction in excess of the amount of commission another broker or dealer would have charged for
effecting that transaction, if the Manager determines in good faith that such amount of commission
was reasonable in relation to the value of the brokerage and research services provided by such
broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall
responsibilities with respect to such Fund and to other clients of the Manager as to which the
Manager exercises investment discretion. The Trust hereby agrees with the Manager and with any
Sub-Adviser selected by the Manager as provided in Section 1(c) hereof that any entity or person
associated with the Manager that is a member of a national securities exchange is authorized to
effect any transaction on such exchange for the account of each Fund
that is permitted by Section 11(a) of the Securities Exchange Act of 1934 and the rules and regulations thereunder, as amended
from time to time (the “1934 Act”).
(c) Subject to the provisions of the Trust’s Amended and Restated Agreement and Declaration of
Trust and the Investment Company Act of 1940 and the rules and regulations thereunder, as amended
from time to time (the “1940 Act”), the Manager, at its expense, may select and contract with one
or more investment advisers (the “Sub-Advisers”) for one or more of the Funds. The Manager shall
retain any Sub-Adviser pursuant to a sub-advisory agreement the terms and conditions of which are
acceptable to the Trust on behalf of the applicable Fund. If the Manager retains a Sub-Adviser
hereunder, then unless otherwise provided in the applicable sub-advisory agreement, the obligation
of the Manager under this Agreement with respect to the applicable Fund shall be, subject in any
event to the control of the Trustees of the Trust, to determine and review with the Sub-Adviser the
investment policies of the applicable Fund, and the Sub-Adviser shall have the obligation of
furnishing continuously an investment program and making investment decisions for that Fund (or
with respect to a portion of the Fund’s assets managed by such Sub-Adviser), adhering to applicable
investment objectives, policies and restrictions, and placing all orders for the purchase and sale
of portfolio securities and other investments for that Fund (or with respect to a portion of the
Fund’s assets managed by such Sub-Adviser), as applicable. The Manager (and not the applicable
Fund) will compensate (either directly or indirectly) any Sub-Adviser for its services to such
Fund. Subject to the provisions of
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the applicable sub-advisory agreement with the Sub-Adviser, the Manager may terminate the services
of any Sub-Adviser at any time in its sole discretion, and shall at such time assume the
responsibilities of such Sub-Adviser unless and until a successor Sub-Adviser is selected.
The
Trust and the Manager further agree that a Sub-Adviser may, in turn, retain one or more
investment advisers to perform services that are contemplated by this
Section 1(c) as being
performed by the Sub-Adviser on behalf of a Fund, in each case pursuant to a sub-advisory or
portfolio management agreement between the Sub-Adviser and each such investment adviser, the terms
and conditions of which are acceptable to the Trust on behalf of a Fund and the Manager.
(d) The Manager shall not be obligated under this Agreement to pay any expenses of or for the
Funds not expressly assumed by the Manager pursuant to this Section 1 other than as provided in
Section 3 (for the avoidance of doubt, this shall not affect any obligation of the Manager to pay
any expenses of or for a Fund pursuant to any separate agreement).
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of the Trust
may be a shareholder, partner, director, officer or employee of, or be otherwise interested in, the
Manager, and in any person controlled by or under common control with the Manager, and that the
Manager and any person controlled by or under common control with the Manager may have an interest
in the Trust. It is also understood that the Manager and persons controlled by or under common
control with the Manager have and may have advisory, management service, distribution or other
contracts with other organizations and persons, and may have other interests and businesses.
3. COMPENSATION TO BE PAID BY THE TRUST TO THE MANAGER.
The Trust will pay to the Manager as compensation for the Manager’s services rendered, and (as
applicable) for the facilities furnished and for the expenses borne by the Manager pursuant to
Section 1, a fee for each Fund, based on the applicable Fund’s average daily net assets, computed
and paid monthly at the annual rates set forth on Schedule A attached hereto.
For purposes of this Section 3, “average daily net assets” means the average of all of the
determinations of a Fund’s net asset value at the close of business on each business day during
each month while this Agreement is in effect. Such fee shall be payable for each month within
fifteen (15) business days after the end of such month. If the Manager shall serve for less than
the whole of a month, the foregoing compensation shall be prorated.
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In the event that the Manager has agreed to a fee waiver or an expense limitation or
reimbursement arrangement with a Fund, subject to such terms and conditions as the Manager and such
Fund may set forth in such agreement, the compensation due the Manager hereunder shall be reduced,
and, if necessary, the Manager shall bear expenses with respect to such Fund, to the extent
required by such fee waiver or expense limitation or reimbursement arrangement.
4. ASSIGNMENT TERMINATES THIS AGREEMENT; AMENDMENTS OF THIS AGREEMENT.
This Agreement shall automatically terminate with respect to a Fund or Funds, without the
payment of any penalty, in the event of its assignment with respect to such Fund(s); and this
Agreement shall not be materially amended as to a Fund unless such amendment is approved by the
affirmative vote of a majority of the outstanding shares of the Fund (except if such shareholder
approval is not required by the 1940 Act, giving effect to any interpretations of or exemptive
relief granted by the Securities and Exchange Commission and/or its Staff), and by the vote, cast
in person at a meeting called for the purpose of voting on such approval, of a majority of the
Trustees of the Trust who are not interested persons of the Fund or of the Manager or of any other
investment adviser of the Fund.
5. EFFECTIVE PERIOD AND TERMINATION OF THIS AGREEMENT.
This Agreement shall become effective upon its execution, and shall remain in full force and
effect as to each Fund continuously thereafter (unless terminated automatically as set forth in
Section 4) until terminated as follows:
(a) Either party hereto may at any time terminate this Agreement as to any Fund by not
less than sixty days’ written notice delivered or mailed by registered mail, postage
prepaid, to the other party, or
(b) If (i) the Trustees of the Trust or the shareholders by the affirmative vote of a
majority of the outstanding shares of a Fund, and (ii) a majority of the Trustees of the
Trust who are not interested persons of the Fund or of the Manager or any other investment
adviser to such Fund, by vote cast in person at a meeting called for the purpose of voting
on such approval, do not specifically approve at least annually the continuance of this
Agreement with respect to such Fund, then this Agreement shall automatically terminate with
respect to such Fund at the close of business on the second anniversary of its execution, or
upon the expiration of one year from the effective date of the last such continuance,
whichever is later; provided, however, that if the continuance of this Agreement is
submitted to the shareholders of such Fund for their approval and
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such shareholders fail to approve such continuance of this Agreement as provided herein, the
Manager may continue to serve hereunder in a manner consistent with the 1940 Act.
Action by the Trust under (a) above may be taken either (i) by vote of a majority of its
Trustees, or (ii) by the affirmative vote of a majority of the outstanding shares of the particular
Fund. Termination of this Agreement with respect to one Fund does not terminate this Agreement with
respect to any other Fund.
Termination of this Agreement pursuant to this Section 5 shall be without the payment of any
penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Agreement, the “affirmative vote of a majority of the outstanding
shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders,
(a) of the holders of 67% or more of the outstanding voting securities of such Fund present (in
person or by proxy) and entitled to vote at such meeting, if the holders of more than 50% of the
outstanding voting securities of such Fund entitled to vote at such meeting are present in person
or by proxy, or (b) of the holders of more than 50% of the outstanding voting securities of such
Fund entitled to vote at such meeting, whichever is less.
For the purposes of this Agreement, the terms “affiliated person,” “control,” “interested
person,” “investment adviser” and “assignment” shall have their respective meanings defined in the
1940 Act, giving effect to any interpretations of or exemptive relief granted by the Securities and
Exchange Commission and/or its Staff; the term “specifically approve at least annually” shall be
construed in a manner consistent with the 1940 Act, the rules and regulations thereunder and
related interpretations of the Securities and Exchange Commission (the “SEC”) and/or its Staff; and
the term “brokerage and research services” shall have the meaning given in the 1934 Act, the rules
and regulations thereunder and related interpretations of the SEC and/or its Staff.
7. NONLIABILITY OF MANAGER.
Notwithstanding any other provisions of this Agreement, in the absence of willful misfeasance,
bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations
and duties hereunder, the Manager, including its officers, directors, members and partners, shall
not be subject to any liability to the Trust, or to any shareholder, officer, director, partner or
Trustee thereof, for any act or omission in the course of, or connected with, rendering services
hereunder.
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8. LIMITATION OF LIABILITY OF THE TRUSTEES AND SHAREHOLDERS.
A copy of the Trust’s Agreement and Declaration of Trust is on file with the Secretary of The
Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on
behalf of the Trustees of the Trust as Trustees and not individually and that the obligations of
this instrument are not binding upon any of the Trustees or shareholders individually but are
binding only upon the assets and property of the Trust.
9. USE OF NAMES AND LOGOS.
It is expressly understood that the names “Allianz,” “AGIFM,” “Allianz Global Investors Fund
Management LLC,” “AGI Europe,” “Allianz Global Investors Europe GmbH,” “AGIS,” “Allianz Global
Investors Solutions,” “AGIC,” “Allianz Global Investors Capital LLC,” “EcoTrends,” “NFJ,” “NFJ
Investment Group LLC,” “RCM,” “RCM Capital Management LLC,” or any derivation thereof, or any logo
associated with those names, are the valuable property of the Manager and its affiliates, and that
the Trust shall have the limited right to use such names (or derivations thereof or associated
logos) only so long as the Manager shall consent and this Agreement shall remain in effect. Upon
reasonable notice from the Manager to the Trust or upon termination of this Agreement, the Trust
shall forthwith cease to use such names (or derivations thereof or associated logos) and shall
promptly amend its Agreement and Declaration of Trust and other public documents to change its name
accordingly. The covenants on the part of the Trust in this Section 9 shall be binding upon it, its
Trustees, officers, stockholders, creditors and all other persons claiming under or through it, and
shall survive the termination of this Agreement.
10. EXERCISE OF VOTING AND OTHER RIGHTS.
Unless otherwise instructed by the Trustees of the Trust, the Manager shall have the
responsibility to exercise or procure the exercise of any voting right attaching to investments of
each Fund in accordance with proxy voting policies approved by the applicable Fund. Unless
otherwise instructed by the Trustees of the Trust, the Manager shall have the responsibility to
exercise or procure the exercise of any rights of the Trust with respect to any class action
proceedings or other legal action concerning investments of the Funds.
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11. COUNTERPARTS.
This Agreement may be executed in one or more counterparts, each of which shall be deemed
to be an original.
[Signature page follows.]
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IN WITNESS WHEREOF, ALLIANZ FUNDS MULTI-STRATEGY TRUST and ALLIANZ GLOBAL INVESTORS
FUND MANAGEMENT LLC have each caused this Investment Management Agreement to be signed in its
behalf by its duly authorized representative, all as of the day and year first written above.
| ALLIANZ FUNDS MULTI-STRATEGY TRUST | ||||||
| By: | /s/ Xxxxx Xxxxxxxx | |||||
| Name: | Xxxxx Xxxxxxxx | |||||
| Title: | President | |||||
| ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC | ||||||
| By: | /s/ Xxxxx Xxxxxxxx | |||||
| Name: | Xxxxx Xxxxxxxx | |||||
| Title: | Managing Director | |||||
[Signature Page to Investment Management Agreement]
