SUB-SUB-ADVISORY AGREEMENT FOR
CURIAN/SCHRODER EMERGING EUROPE FUND
THIS SUB-SUB-ADVISORY AGREEMENT is made as of this 11th day of April,
2013, among XXXXXXXX INVESTMENT MANAGEMENT NORTH AMERICA INC. ("SIMNA"), a
corporation organized under the laws of the State of Delaware with its principal
place of business at 000 Xxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, and
XXXXXXXX INVESTMENT MANAGEMENT NORTH AMERICA LIMITED ("SIMNA Limited"), a UK
corporation with its principal place of business at 00 Xxxxxxx Xxxxxx, Xxxxxx,
XX XX0X 0XX.
W I T N E S S E T H
WHEREAS, Curian Capital, LLC ("Curian"), a limited liability company
organized and existing under the laws of the state of Michigan, has retained
SIMNA as its sub-adviser to render investment advisory services to the
Curian/Schroder Emerging Europe Fund (the "Fund"), a series of Curian Variable
Series Trust, a Massachusetts business trust (the "Trust") registered as an
investment company under the Investment Company Act of 1940, as amended (the
"1940 Act"), pursuant to an Investment Sub-Advisory Agreement dated as of the
date hereof (the "Investment Sub-Advisory Agreement"); and
WHEREAS, SIMNA desires to employ SIMNA Limited as its investment
sub-adviser, and SIMNA Limited is willing to render investment sub-advisory
services to SIMNA, subject to and in accordance with the terms and conditions of
this Agreement.
NOW THEREFORE, in consideration of the mutual promises and undertakings
set forth in this Agreement, SIMNA and SIMNA Limited hereby agree as follows:
1. APPOINTMENT OF SIMNA LIMITED. SIMNA hereby employs SIMNA Limited as
investment sub-adviser for the assets of the Fund, on the terms and conditions
set forth herein, and subject to the direction of SIMNA. SIMNA Limited accepts
such employment and agrees to render the services herein set forth, for the
compensation herein provided.
2. DUTIES OF SIMNA LIMITED.
(a) SIMNA employs SIMNA Limited to act as its sub-advisor in managing
the investment and reinvestment of the assets of the Fund in accordance with the
Investment Sub-Advisory Agreement; to continuously review, supervise, and
administer an investment program for the Fund; to determine in its discretion
the securities to be purchased or sold and the portion of such assets to be held
uninvested; to provide the Trust (either directly or through SIMNA) with all
records concerning the activities of SIMNA Limited that the Trust is required to
maintain; and to render or assist SIMNA in rendering regular reports to the
Trust's officers and the Board of Trustees concerning the discharge of SIMNA
Limited's responsibilities hereunder. SIMNA Limited will discharge the foregoing
responsibilities subject to the supervision and oversight of SIMNA, the Trust's
officers and the Board of Trustees and in compliance with the objective,
policies, and limitations set forth in the Fund's prospectus and Statement of
Additional Information, any additional operating policies or procedures that the
Fund communicates to SIMNA Limited in writing (either directly or through
SIMNA), and applicable laws and
regulations. SIMNA Limited agrees to provide, at its own expense, the office
space, furnishings and equipment, and the personnel required by it to perform
the services on the terms and for the compensation provided herein.
(b) SIMNA Limited acknowledges and agrees that SIMNA is ultimately
responsible for all aspects of providing to the Fund the services required of
SIMNA under the Investment Sub-Advisory Agreement. Accordingly, SIMNA Limited
shall discharge its duties and responsibilities specified in paragraph (a) of
this Section 2 and elsewhere in this Agreement subject at all times to the
direction, control, supervision, and oversight of SIMNA. In furtherance thereof,
SIMNA Limited shall, without limitation, (i) make its offices available to
representatives of SIMNA for on-site inspections and consultations with the
officers and applicable portfolio managers of SIMNA Limited responsible for the
day-to-day management of the Fund, (ii) upon request, provide SIMNA with copies
of all records it maintains regarding its management of the Fund and (iii)
report to SIMNA each calendar quarter and at such other times as SIMNA may
reasonably request regarding (A) SIMNA Limited's implementation of the Fund's
investment program and the Fund's portfolio composition and performance, (B) any
policies and procedures implemented by SIMNA Limited to ensure compliance with
United States securities laws and regulations applicable to SIMNA Limited and
the Fund, (C) the Fund's compliance with the objective, policies, and
limitations set forth in the Fund's prospectus and Statement of Additional
Information and any additional operating policies or procedures that the Fund
communicates to SIMNA Limited in writing (either directly or through SIMNA) and
(D) such other matters as SIMNA may reasonably request.
3. SECURITIES TRANSACTIONS. Among its responsibilities, SIMNA Limited
shall select the brokers or dealers that will execute purchases and sales of
securities for the Fund, and is directed to use its best efforts to obtain the
best available price and most favorable execution for such transactions, subject
to written policies and procedures provided to SIMNA Limited (either directly or
through SIMNA), and consistent with Section 28(e) of the Securities Exchange Act
of 1934. SIMNA Limited will promptly communicate or assist SIMNA in
communicating to the Fund's officers and the Board of Trustees such information
relating to the portfolio transactions SIMNA Limited has directed on behalf of
the Fund as SIMNA or such officers or the Board may reasonably request.
4. COMPENSATION OF SIMNA LIMITED. For the services to be rendered by
SIMNA Limited as provided in this Agreement, SIMNA (and not Curian, the Trust or
the Fund) will pay to SIMNA Limited at the end of each of month a fee equal to
the amount set forth on Appendix A attached hereto. For clarity, SIMNA (and not
Curian, the Trust or the Fund) shall be obligated to pay SIMNA Limited fees
hereunder for any period only out of and following SIMNA's receipt from Curian
of advisory fees pursuant to Section 8 and Schedule B of the Investment
Sub-Advisory Agreement for such period. If this Agreement becomes effective or
terminates before the end of any month, the fee for the period from the
effective date to the end of the month or from the beginning of such month to
the date of termination, as the case may be, shall be prorated according to the
proportion that such partial month bears to the full month in which such
effectiveness or termination occurs.
5. COMPLIANCE. SIMNA Limited agrees to comply with all policies,
procedures, or reporting requirements that the Board of Trustees reasonably
adopts and communicates to SIMNA Limited in writing (either directly or through
SIMNA) including, without limitation, any
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such policies, procedures, or reporting requirements relating to soft dollar or
other brokerage arrangements. "Applicable Law" means (i) the "federal securities
laws" as defined in Rule 38a-1(e)(1) under the 1940 Act, as amended from time to
time, and (ii) any and all other laws, rules, and regulations, whether foreign
or domestic, in each case applicable at any time and from time to time to the
investment management operations of SIMNA Limited in relation to the Fund.
6. STATUS OF SIMNA LIMITED. The services of SIMNA Limited to SIMNA
under this Agreement are not to be deemed exclusive, and SIMNA Limited will be
free to render similar services to others so long as its services to SIMNA under
this Agreement are not impaired thereby. SIMNA Limited will be deemed to be an
independent contractor and will, unless otherwise expressly provided or
authorized, have no authority to act for or represent the Fund in any way or
otherwise be deemed an agent of the Fund or the Trust.
7. LIABILITY OF SIMNA LIMITED. No provision of this Agreement will be
deemed to protect SIMNA Limited against any liability to SIMNA or to the Fund or
its shareholders to which it might otherwise be subject by reason of any willful
misfeasance, bad faith, or gross negligence in the performance of its duties or
the reckless disregard of its obligations under this Agreement.
8. DURATION; TERMINATION; NOTICES; AMENDMENT. Unless sooner terminated
as provided herein, this Agreement shall continue in effect for so long as the
Investment Sub-Advisory Agreement remains in effect. Notwithstanding the
foregoing, this Agreement may also be terminated, without the payment of any
penalty, by SIMNA (i) upon 60 days' written notice to SIMNA Limited; or (ii)
upon material breach by SIMNA Limited of any representations and warranties set
forth in this Agreement, if such breach has not been cured within 20 days after
written notice of such breach; SIMNA Limited may terminate this Agreement at any
time, without payment of any penalty, (1) upon 60 days' written notice to SIMNA;
or (2) upon material breach by SIMNA of any representations and warranties set
forth in the Agreement, if such breach has not been cured within 20 days after
written notice of such breach. This Agreement shall terminate automatically in
the event of its assignment (as defined in the 0000 Xxx) or upon the termination
of the Investment Sub-Advisory Agreement. Any notice under this Agreement will
be given in writing, addressed and delivered, or mailed postpaid, to the other
party as follows:
If to SIMNA, at:
Xxxxxxxx Investment Management North America Inc.
000 Xxxxx Xxxxxx
00xx Xxxxx
Xxx Xxxx, XX 00000
Attention: Key Accounts
Telephone: 000-000-0000
Facsimile: 000-000-0000
If to SIMNA Limited, at:
Xxxxxxxx Investment Management North America Limited
00 Xxxxxxx Xxxxxx
Xxxxxx, X.X. XX0X 0XX
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Attention:
Telephone: 000 0000 0000
Facsimile: 020 7658 6965
This Agreement may be amended by mutual consent of the parties hereto.
9. SEVERABILITY. If any provision of this Agreement will be held or made
invalid by a court decision, statute, rule, or otherwise, the remainder of this
Agreement will not be affected thereby.
10. CONFIDENTIALITY. SIMNA Limited shall keep confidential any and all
information obtained in connection with the services rendered hereunder and
shall not disclose any such information to any person other than SIMNA, the
Trust, the Board of Trustees, Curian, and any director, officer, or employee of
SIMNA, the Trust, or Curian, except (i) with the prior written consent of the
Trust, (ii) as required by law, regulation, court order, or the rules or
regulations of any self-regulatory organization, governmental body, or official
having jurisdiction over SIMNA or SIMNA Limited, or (iii) for information that
is publicly available other than due to disclosure by SIMNA Limited or its
affiliates or becomes known to SIMNA Limited from a source other than SIMNA, the
Trust, the Board of Trustees, or Curian.
11. PROXY POLICY. SIMNA Limited acknowledges that unless Curian or the
Fund gives written instructions to SIMNA the contrary, SIMNA, and SIMNA Limited
by delegation from SIMNA, is responsible for voting, or abstaining from voting,
all proxies with respect to companies whose securities are held in that portion
of the Fund allocated to SIMNA by Curian, using its best good faith judgment to
vote, or abstain from voting, such proxies in the manner that best serves the
interests of the Fund's shareholders.
12. GOVERNING LAW. All questions concerning the validity, meaning, and
effect of this Agreement shall be determined in accordance with the laws
(without giving effect to the conflict-of-interest law principles thereof) of
the State of Delaware applicable to contracts made and to be performed in that
state.
13. TREATMENT OF FUND UNDER FSA RULES. The Fund will be treated as a
Professional Client under rules of the Financial Services Authority in the
United Kingdom.
14. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall
together constitute one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have caused this Sub-Sub-Advisory
Agreement to be executed as of the date first set forth herein.
XXXXXXXX INVESTMENT MANAGEMENT
NORTH AMERICA INC.
By: /s/ Xxxx Xxxxxxxx
-----------------------------------
Name: Xxxx Xxxxxxxx
Title: Authorized Signatory
By: /s/ Xxxxx Xxxxxxx-Xxxxx
-----------------------------------
Name: Xxxxx Xxxxxxx-Xxxxx
Title: Authorized Signatory
XXXXXXXX INVESTMENT MANAGEMENT
NORTH AMERICA LIMITED
By: /s/ Xxxx Xxxxxxxx
-----------------------------------
Name: Xxxx Xxxxxxxx
Title: Authorized Signatory
By: /s/ Xxxxx Xxxxxxx-Xxxxx
-----------------------------------
Name: Xxxxx Xxxxxxx-Xxxxx
Title: Authorized Signatory
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APPENDIX A
COMPENSATION OF SIMNA LIMITED
APRIL 11, 2013
For services rendered by SIMNA Limited as provided in this Agreement, SIMNA (and
not the Trust, the Fund or Curian) will pay SIMNA Limited a sub-sub-advisory fee
at the end of each month, in an amount determined based upon the internal
Schroders Group Transfer Pricing Policy then in effect. As of the date hereof,
under the current Schroders Group Transfer Pricing Policy, SIMNA will pay SIMNA
Limited 0.41% per annum based on the average daily net assets of the Fund.
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