Directed Services LLC
Exhibit (d)(1)(viii)
Directed Services LLC
0000 Xxxxxxxx Xxxxx, Xxxx Xxxxxxx, XX 00000
May 1, 2012
ING Partners, Inc.
0000 X. Xxxxxxxxxx Xxxxx Xx.
Xxxxxxxxxx, XX 00000
Ladies and Gentlemen:
Directed Services LLC (“DSL”) and ING Partners, Inc. (“IPI”), on behalf of ING Global Bond Portfolio (formerly, ING Xxxxxxxxxxx Global Strategic Income Portfolio, the “Portfolio”), are parties to an Investment Advisory Agreement dated May 1, 2003, as amended (the “Agreement”), under which IPI has agreed to pay DSL an annual advisory fee for investment management services with respect to the Portfolio.
By execution of this letter, DSL hereby voluntarily waives a portion of the annual advisory fee that it is entitled to receive for the period from May 1, 2012 through May 1, 2013. The amount of the fee waiver will be calculated based on the post-waiver advisory fee schedule set out below.
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Annual Advisory Fee |
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Post-Waiver Annual Advisory Fee |
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0.50% on the first $4 billion in assets; |
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0.40 |
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Furthermore, in connection with the sub-adviser change to ING Investment Management Co., the sub-advisory fee payable by DSL with respect to the Portfolio was reduced on January 21, 2011.
By our execution of this letter agreement, we hereby notify you of our intention to lower the annual advisory fee for the Portfolio with a corresponding reduction (the “Reduction”) for the period from May 1, 2012 through May 1, 2013. The Reduction shall be calculated as follows:
Reduction = 50% x (the savings to Directed Services LLC from the January 21, 2011 expense reduction)
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Please indicate your agreement to this Reduction by executing below in the place indicated.
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Very sincerely, | ||
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/s/ Xxxx Xxxxx | ||
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Xxxx Xxxxx | ||
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Vice President | ||
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Directed Services LLC | ||
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Agreed and Accepted: |
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ING Partners, Inc. |
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(on behalf of the Portfolio) |
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By: |
/s/ Xxxxxxxx X. Xxxxxxxx |
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Xxxxxxxx X. Xxxxxxxx |
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Senior Vice President |
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