Directed Services LLC
Directed Services LLC
0000 Xxxxxxxx Xxxxx, Xxxx Xxxxxxx, XX 00000 | Exhibit (d)(1)(xvi) |
May 1, 2011
ING Partners, Inc.
0000 X. Xxxxxxxxxx Xxxxx Xx.
Suite 100
Scottsdale, AZ 85258
Ladies and Gentlemen:
Pursuant to the Sub-Advisory Agreement dated April 28, 2006, as amended, between Directed Services LLC and Columbia Management Advisors, LLC, (the “Sub-Advisory Agreement”) the sub-advisory fee for ING Columbia Small Cap Value II Portfolio (the “Portfolio”), formerly known as ING Columbia Small Cap Value Portfolio, was reduced on August 29, 2008 and was further reduced on May 1, 2009.
By our execution of this letter agreement, we hereby notify you of our intention to lower the annual investment management fee for the Portfolio with a corresponding reduction (the “Reduction”) for the period from May 1, 2011 through and including May 1, 2012. The Reduction shall be calculated as follows:
Reduction = 50% x (the savings to Directed Services LLC from the August 29, 2008 and May 1, 2009 expense reductions)
Please indicate your agreement to this Reduction by executing below in the place indicated.
Very sincerely, |
/s/ Xxxx Xxxxx |
Xxxx Xxxxx |
Vice President |
Directed Services LLC |
Agreed and Accepted:
ING Partners, Inc.
(on behalf of the Portfolio)
By: | /s/ Xxxxxxxx X. Xxxxxxxx | |
Xxxxxxxx X. Xxxxxxxx | ||
Senior Vice President |