INVESTMENT ADVISORY AGREEMENT
AGREEMENT made this 25th day of April, 1994, by and between SEI
International Trust, a Massachusetts business trust (the "Trust"), and Xxxxxxxx
Capital Management International Limited, (the "Adviser").
WHEREAS, the Trust is an open-end, diversified management investment
company registered under the Investment company Act of 1940, as amended (the
"1940 Act"), consisting of several series of shares, each having its own
investment policies; and
WHEREAS, the Trust has retained SEI Financial Management Corporation (the
"Manager") to provide administration of the Trust's operations, subject to the
control of the Board of Trustees;
WHEREAS, the Trust desires to retain the Adviser to render investment
management services with respect to its International Fixed Income Portfolio and
such other portfolios as the Trust and the Adviser may agree upon (the
"Portfolios"), and the Adviser is willing to render such services:
NOW, THEREFORE, in consideration of mutual covenants herein contained, the
parties hereto agree as follows:
1. DUTIES OF THE ADVISER. The Trust employs the Adviser to manage the
investment and reinvestment of the assets, and to continuously review,
supervise, and administer the investment program of the Portfolios, to
determine in its discretion the securities to be purchased or sold, to
provide the Manager and the Trust with records concerning the
Adviser's activities which the Trust is required to maintain, and to
render regular reports to the Manager and to the Trust's Officers and
Trustees concerning the Adviser's discharge of the foregoing
responsibilities.
The Adviser shall discharge the foregoing responsibilities subject to
the control of the Board of Trustees of the Trust and in compliance
with such policies as the Trustees may from time to time establish,
and in compliance with the objectives, policies, and limitations for
each such Portfolio set forth in the Trust's prospectus and statement
of additional information as amended form time to time, and applicable
laws and regulations.
The Adviser accepts such employment and agrees, at its own expense, to
render the services and to provide 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.
2. PORTFOLIO TRANSACTIONS. The Adviser is authorized to select the
brokers or dealers that will execute the purchases and sales of
portfolio securities for the Portfolios and is directed to use its
best efforts to obtain the best net results as described in the
Trust's prospectus and statement of additional information from time
to time. The
Adviser will promptly communicate to the Manager and to the officers
and the Trustees of the Trust such information relating to portfolio
transactions as they may reasonably request.
It is understood that the Adviser will not be deemed to have acted
unlawfully, or to have breached a fiduciary duty to the Trust or be in
breach of any obligation owing to the Trust under this Agreement, or
otherwise, solely by reason of its having directed a securities
transaction on behalf of the Trust to a broker-dealer in compliance
with the provisions of Section 28(e) of the Securities Exchange Act of
1934.
3. COMPENSATION OF THE ADVISER. For the services to be rendered by the
Adviser as provided in Sections 1 and 2 of this Agreement, the Trust
shall pay to the Adviser compensation at the rate specified in the
Schedule(s) which are attached hereto and made a part of this
Agreement. Such compensation shall be paid to the Adviser at the end
of each month, and calculated by applying a daily rate, based on the
annual percentage rates as specified in the attached Schedule(s), to
the assets. The fee shall be based on the average daily net assets
for the month involved and if this Agreement commences on or is
terminated as of a day other than the last day of a month, the fee
shall be prorated for such period based upon the average daily net
assets for the month to date.
All expenses, other than the fee of the Adviser, relating to the
investment of the assets of the Portfolios, including but not limited
to brokerage commissions and taxes, shall be paid out of the assets of
whichever of the Portfolios has incurred such expenses.
All rights of compensation under this Agreement for services performed
as of the termination date shall survive the termination of this
Agreement.
4. REPORTS. The Trust and the Adviser agree to furnish each other, if
applicable, current prospectuses, proxy statements, reports to
shareholders, certified copies of their financial statements (or
comparable financial information) and such other information with
regard to their affairs as each may reasonably request.
5. STATUS OF THE ADVISER. The services of the Adviser to the Trust are
not to be deemed exclusive, and the Adviser shall be free to render
similar services to others so long as its services to the Trust are
not impaired thereby. The Adviser shall be deemed to be an
independent contractor and shall, unless otherwise expressly provided
or authorized, have no authority to act for or represent the Trust in
any way or otherwise be deemed to be an agent of the Trust.
6. CERTAIN RECORDS. Any records required to be maintained and preserved
pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated
under the 1940 Act which
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are prepared or maintained by the Adviser on behalf of the Trust are
the property of the Trust and will be surrendered promptly to the
Trust on request.
7. LIMITATION OF LIABILITY OF THE ADVISER. The duties of the Adviser
shall be confined to those expressly set forth herein, and no implied
duties are assumed by or may be asserted against the Adviser
hereunder. The Adviser shall not be liable for any error of judgment
or mistake of law or for any loss arising out of any investment or for
any act or omission in carrying out its duties hereunder, except a
loss resulting from willful misfeasance, bad faith or gross negligence
in the performance of its duties, or by reason of reckless disregard
of its obligations and duties hereunder, except as may otherwise be
provided under provisions of applicable state law which cannot be
waived or modified hereby. (As used in this Paragraph 8, the term
"Adviser" shall include directors, officers, employees and other
corporate agents of the Adviser as well as that corporation itself).
8. PERMISSIBLE INTERESTS. Trustees, agents, and shareholders of the
Trust are or may be interested in the Adviser (or any successor
thereof) as directors, partners, officers, or shareholders, or
otherwise; directors, partners, officers, agents, and shareholders of
the Adviser are or may be interested in the Trust as Trustees,
shareholder or otherwise; and the Adviser (or any successor) is or may
be interested in the Trust as a shareholder or otherwise. In
addition, brokerage transactions for the Trust may be effected through
affiliates of the Adviser if approved by the Board of Trustees,
subject to the rules and regulations of the Securities and Exchange
Commission.
9. DURATION AND TERMINATION. This Agreement, unless sooner terminated as
provided herein, shall remain in effect until two years form date of
execution, and thereafter, for periods of one year so long as such
continuance thereafter is specifically approved at least annually
(a) by the vote of a majority of those Trustees of the Trust who are
not parties to this Agreement or interested persons of any such party,
cast in person at a meeting called for the purpose of voting on such
approval, and (b) by the Trustees of the Trust or by vote of a
majority of the outstanding voting securities of each Portfolio;
provided, however, that if the shareholders of any Portfolio fail to
approve the Agreement as provided herein, the Adviser may continue t
serve hereunder in the manner and to the extent permitted by the 1940
Act and rules and regulations thereunder. The foregoing requirement
that continuance of this Agreement be "specifically approved at least
annually" shall be construed in a manner consistent with the 1940 Act
and the rules and regulations thereunder.
This Agreement may be terminated as to any Portfolio at any time,
without the payment of any penalty by vote of a majority of the
Trustees of the Trust or by vote of a majority of the outstanding
voting securities of the Portfolio on not less than 30 days nor more
than 60 days written notice to the Adviser, or by the Adviser at any
time without the payment of any penalty, on 90 days written notice to
the Trust. Any
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notice under this Agreement shall be deemed sufficient if sent by
registered or certified mail, postage prepaid, as defined under
Section 10 of this Agreement. This Agreement will automatically and
immediately terminate in the event of its assignment. Notwithstanding
any other provision in this paragraph, this Agreement shall terminate
automatically without penalty 120 days after its initial effective
date unless approved by the majority of the outstanding voting
securities of the Portfolio.
As used in this Section 9, the terms "assignment", "interested
persons", and a "vote of a majority of the outstanding voting
securities" shall have the respective meanings set forth in the
Investment Company Act of 1940 and the rules and regulations
thereunder; subject to such exemptions as may be granted by the
Securities and Exchange Commission under said Act.
10. NOTICE. Any notice required or permitted to be given by either party
to the other shall be deemed sufficient if sent by registered or
certified mail, postage prepaid, addressed by the party giving notice
to the other party at the last address furnished by the other party to
the party giving notice: if to the Trust, at 000 Xxxx Xxxxxxxxxx
Xxxx, Xxxxx, XX and if to the Adviser at: 00 Xxxxxx Xxxx, Xxxxxx
XX0X 0XX, Xxxxxxx.
11. SEVERABILITY. If any provision of this Agreement shall be held or
made invalid by a court decision, statute, rule or otherwise, the
remainder of this Agreement shall not be affected thereby.
12. The presence of exculpatory language in this Agreement shall not be
deemed by the Trust, the Adviser or any other party appointed pursuant
to this Agreement, including without limitation any custodian, as in
any way limiting causes of action remedies which may, notwithstanding
such language, be available to the Trust either under common law or
statutory law principles applicable to fiduciary relationships or
under the federal securities laws.
13. In addition to being registered as an investment adviser under the
U.S. Investment Advisers Act of 1940 (the "Advisers Act"), the Adviser
is registered with the United Kingdom Investment Management Regulatory
Organization ("IMRO"). The Adviser confirms that the Trust is a
Business Customer as defined by IMRO.
The Trust confirms that it has taken independent legal advice on this
Agreement.
14. In accordance with SEC Rule 204-3 issued under the Advisers Act, the
Adviser has, not less than 48 hours prior to entering into this
Agreement, delivered to, and the Trust hereby acknowledges receipt of,
a copy of Part II of Form ADV of the Adviser.
A copy of the Declaration of Trust of the 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
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of the Trust as Trustees, and are not binding upon any of the Trustees,
officers, or shareholders of the Trust individually but binding only upon the
assets and property of the Trust.
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
as of the day and year first written above.
SEI International Trust Xxxxxxxx Capital Management
International Limited
By:signature appears here By:signature appears here
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Attest:Xxxxxxxx Xxxxx Attest:signature appears here
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SCHEDULE A
TO THE
INVESTMENT ADVISORY AGREEMENT
BETWEEN
SEI INTERNATIONAL TRUST
AND
XXXXXXXX CAPITAL MANAGEMENT INTERNATIONAL LIMITED
Pursuant to Article 3 , the Trust shall pay the Adviser compensation at an
annual rate as follows:
Portfolio Fee (in basis points)
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Pacific Basin Equity Portfolio .40% on first 100 million
.30% on next 50 million
.20% thereafter
