EX-99.B(G)(2) 12 a11-31196_1ex99dbg2.htm EX-99.B(G)(2)

Exhibit 99.B(g)(2)

 

GRAPHIC

 

 

 

 

Global Custody Services and Charges

 

for

 

SEI Institutional International Trust

 

Effective February 28, 2011

 


 

Brown Brothers Harriman & Co.

Schedule of Global Services & Charges

 

 

I.

Global Custody Charges

 

3

 

Safekeeping & Transaction Charges

 

3

 

Additional Transaction Charges

 

5

 

Transaction Surcharges

 

5

 

Direct Debit Charges

 

6

 

Relationship Discounts

 

6

II.

Overdraft Interest Charges

 

7

III.

Out of Pocket Expenses

 

7

IV.

Billing

 

7

 

2


 

I.                            Global Custody Charges

 

Safekeeping & Transaction Charges

 

The annual basis point charges are applied monthly to the settled positions as reflected on BBH’s custody system at month end.

 

In addition to safekeeping, the asset charge covers the registrations of shares in BBH’s nominee name, timely notification of corporate action information, and corporate action related cash processing (e.g. dividend and interest collections). The asset charge does not include transaction charges related to corporate actions transactions.  Transaction charges are discussed in the paragraph below.

 

Transaction charges are applied to straight through processed (STP) transactions, including corporate action related security movements, in the applicable markets.  Non-STP transactions will incur a surcharge as indicated under transaction surcharges.  Other specialized processing will be charged as indicated under Additional Transaction Charges.

 

Fees for additional markets will be discussed and agreed upon prior to investment.

 

Market

 

Annual
Asset
Charge
(BP)

 

Transaction
Charge (USD)

 

 

Market

 

Annual
Asset
Charge
(BP)

 

Transaction
Charge (USD)

 

Argentina

 

6

 

40

 

 

Macedonia

 

N/A

 

N/A

 

Australia

 

1

 

25

 

 

Malaysia

 

4

 

40

 

Austria

 

1

 

25

 

 

Malta

 

N/A

 

N/A

 

Bahrain

 

N/A

 

N/A

 

 

Mauritius

 

N/A

 

N/A

 

Bangladesh

 

N/A

 

N/A

 

 

Mexico

 

2

 

20

 

Belgium

 

1

 

25

 

 

Morocco

 

N/A

 

N/A

 

Bermuda

 

N/A

 

N/A

 

 

Namibia

 

N/A

 

N/A

 

Bolivia

 

N/A

 

N/A

 

 

Netherlands

 

1

 

17

 

Botswana

 

N/A

 

N/A

 

 

New Zealand

 

1

 

25

 

Brazil

 

6

 

35

 

 

Nigeria

 

85

 

100

 

Bulgaria

 

N/A

 

N/A

 

 

Norway

 

1

 

20

 

Canada

 

0.8

 

8

 

 

Oman

 

N/A

 

N/A

 

Cayman Islands

 

N/A

 

N/A

 

 

Pakistan

 

30

 

80

 

Chile

 

6

 

35

 

 

Palestine

 

N/A

 

N/A

 

China

 

10

 

85

 

 

Panama

 

N/A

 

N/A

 

Colombia

 

20

 

80

 

 

Papua New Guinea

 

N/A

 

N/A

 

Costa Rica

 

N/A

 

N/A

 

 

Peru

 

20

 

80

 

Croatia

 

N/A

 

N/A

 

 

Philippines

 

3

 

50

 

Cyprus

 

N/A

 

N/A

 

 

Poland

 

7

 

40

 

Czech Republic

 

8

 

50

 

 

Portugal

 

3

 

25

 

Denmark

 

1

 

20

 

 

Qatar

 

N/A

 

N/A

 

Dominican Republic

 

N/A

 

N/A

 

 

Romania

 

N/A

 

N/A

 

Egypt

 

15

 

70

 

 

Russia

 

18

 

100

 

Ecuador

 

N/A

 

N/A

 

 

Saudi Arabia

 

N/A

 

N/A

 

El Salvador

 

N/A

 

N/A

 

 

Serbia

 

N/A

 

N/A

 

 

3


 

Market

 

Annual
Asset
Charge
(BP)

 

Transaction
Charge (USD)

 

 

Market

 

Annual
Asset
Charge
(BP)

 

Transaction
Charge (USD)

 

Estonia

 

N/A

 

N/A

 

 

Singapore

 

2

 

40

 

Euroclear/Clearstream

 

0.8

 

9

 

 

Slovak Republic

 

N/A

 

N/A

 

Finland

 

1

 

20

 

 

Slovenia

 

N/A

 

N/A

 

France

 

0.8

 

17

 

 

South Africa

 

1

 

30

 

Germany

 

0.8

 

17

 

 

South Korea

 

1

 

20

 

Ghana

 

N/A

 

N/A

 

 

Spain

 

1

 

30

 

Greece

 

10

 

30

 

 

Sri Lanka

 

N/A

 

N/A

 

Hong Kong

 

2

 

25

 

 

Swaziland

 

N/A

 

N/A

 

Hungary

 

8

 

50

 

 

Sweden

 

1

 

20

 

Iceland

 

N/A

 

N/A

 

 

Switzerland

 

0.8

 

15

 

India

 

5

 

40

 

 

Taiwan

 

4

 

30

 

Indonesia

 

6

 

40

 

 

Thailand

 

4

 

40

 

Ireland

 

1

 

20

 

 

Trinidad

 

N/A

 

N/A

 

Israel

 

9

 

50

 

 

Tunisia

 

N/A

 

N/A

 

Italy

 

1

 

17

 

 

Turkey

 

8

 

50

 

Ivory Coast

 

N/A

 

N/A

 

 

Uganda

 

N/A

 

N/A

 

Jamaica

 

N/A

 

N/A

 

 

Ukraine

 

N/A

 

N/A

 

Japan

 

0.8

 

8

 

 

United Arab Emirates

 

N/A

 

N/A

 

Jordan

 

N/A

 

N/A

 

 

United Kingdom

 

0.25

 

6

 

Kazakhstan

 

N/A

 

N/A

 

 

United States

 

0.1

 

2.50

 

Kenya

 

N/A

 

N/A

 

 

Uruguay

 

N/A

 

N/A

 

Kuwait

 

N/A

 

N/A

 

 

Venezuela

 

N/A

 

N/A

 

Latvia

 

N/A

 

N/A

 

 

Vietnam

 

N/A

 

N/A

 

Lebanon

 

N/A

 

N/A

 

 

Virgin Islands

 

N/A

 

N/A

 

Lithuania

 

N/A

 

N/A

 

 

Zambia

 

N/A

 

N/A

 

Luxembourg

 

N/A

 

N/A

 

 

Zimbabwe

 

N/A

 

N/A

 

 

GRAPHIC

NOTE:

 

1.

Unpriced fixed income instruments are valued at par.

 

2.

Unpriced asset backed instruments are valued at current face.

 

3.

Transaction charge is assessed per partial settlement.

 

4.

Securities lending related movements are charged at the relevant transaction rates per market.

 

5.

US is defined as DTC, FRB, and NY Vault held assets.

 

6.

Assets held away incur transactions and asset charges at the US market rate.

 

4


 

Additional Transaction Charges

 

The transaction charges are applicable to specialized processing.

 

Transaction Type

 

Charge (USD)

 

Security Transactions

 

 

 

Trade Cancel

 

2.50

 

Repurchase Agreement

 

2.50

 

Commercial Paper

 

2.50

 

Physical Securities Settlement

 

15.00

 

Cash Transactions

 

 

 

 

 

FRB – 1.50

 

USD Wire Payment (Debit or Credit)

 

CHIPS – 1.50

 

 

 

ACH – 1.50

 

Non USD Wire Payment (Debit or Credit)

 

7.50

 

Transfer of Cash between Accounts (Book Transfer)

 

1.50

 

Time Deposit

 

N/A

 

Paydowns

 

2.50

 

Corporate Actions

 

 

 

Tax Reclaim

 

N/A

 

Maturity

 

N/A

 

Proxy Announcement (Non US)

 

N/A

 

Proxy Vote (Non US)

 

N/A

 

MT599

 

N/A

 

 

Transaction Surcharges

 

The transaction surcharges are applied over and above the STP transaction charges.

 

Transaction Type

 

Charge (USD)

 

Security Transactions

 

 

 

Manual Trade

 

N/A

 

Repaired Trade

 

N/A

 

Cash Transactions

 

 

 

Manual Cash Movement

 

N/A

 

3rd Party Foreign Exchange

 

N/A

 

 

GRAPHIC

 

NOTE:

 

7.

For settlement transactions to be automated, instructions must be received by properly formatted SWIFT industry standard messages (excluding MT599 messages) or via BBH proprietary communication system.

 

8.

Repaired instructions surcharges are applied to incomplete and/or missing market settlement information. Trade enrichment for PSET (Place of Settlement) and Local ID are considered repair items

 

9.

Repaired Trade surcharge are only applied to client instruction issues only.

 

5


 

Direct Debit Charges

 

The additional transaction charges are assessed directly to the agreed upon account at the time of transaction.  These items will not appear on your monthly invoice

 

Transaction Type

 

Charge (USD)

 

Corporate Actions

 

 

 

EDS Election Service

 

150

 

ADR Pick Up

 

50

 

ADR Conversion/Cancellation

 

100

 

US Withholding Tax Adjustments

 

50

 

Worthless Securities

 

150

 

Miscellaneous

 

 

 

Restricted Securities Investigation

 

500

 

Restricted Securities Lifting

 

100

 

 

Relationship Discounts

 

The following additional discounts will apply based on the aggregation of assets across: SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Islamic Investments Fund plc, SEI Structured Credit Fund LP, Adviser Managed Trust, and SEI Investments Distribution Co.

 

Foreign Asset Discount

 

 

 

 

< $5 billion

 

NA

 

$5-10 billion

 

5

%

$10-20 billion

 

10

%

$20-40 billion

 

12.5

%

> $40 billion

 

15

%

 

Total Asset Discount

 

 

 

 

< $10 billion

 

10

%

$10-20 billion

 

15

%

$20-30 billion

 

17.5

%

$30-40 billion

 

20

%

$40-50 billion

 

22.5

%

> $50 billion

 

25

%

 

6


 

II.                        Overdraft Interest Charges

 

BBH charges USD overdrafts using 30 day LIBOR as the rate basis, plus a standard Overdraft basis point spread in the table below.

 

Non USD overdraft interest is calculated at the BBH Base Rate plus a standard Overdraft basis point spread in the table below.

 

Type

 

Standard Basis Point (bp)

 

Overdraft

 

200bp spread

 

 

 

 

 

 

BBH Base Rates are set daily reflecting BBH’s effective trading rate in the local money markets on each day.  In those markets where a true money market rate is not available, or is not reflective of the market, the BBH Treasury Group sets overdraft rates on a market-by-market basis, taking into consideration market standards and conditions.

 

Overdraft interest accrues daily and posts monthly to the agreed upon account on the last day of the month with next day funds based on adjusted available balances.

 

III.                    Out of Pocket Expenses

 

Out-of-pocket expenses may include, but are not limited to, postage, courier and overnight mail charges, telephone and telecommunication charges, including fax charges, duplicating charges including those relating to filings with federal and state regulatory authorities and Board meeting materials, forms and supplies including those relating to Board meeting materials, certain filings with federal and/or state regulatory filings, customized computer programming requests, charges for organizing documents, pricing service charges, record retention, reproduction, retrieval and destruction costs, locally mandated charges, subcustodian communications expenses, telex expenses, audit reporting expenses, direct expenses such as tax reclaims, stamp duties, foreign investor registration, commissions, dividend and income collection charges, proxy charges when the agent is not in the U.S., taxes, certificate fees, special handling, transfer, withdrawal, Euroclear deposit and withdrawal charges, holding charges, lifting fees and inquiry fees from correspondents and registration fees, and other expenses as agreed to by the parties from time to time would be applied to your account.

 

IV.                   Billing

 

Fees are payable on a monthly basis in US Dollars.

 

BBH will automatically debit the agreed upon account, specified in the direct debit authorization letter for the invoiced amount.

 

Accepted and agreed:

 

Fee Schedule Effective Date: February 28, 2011

 

7


 

SEI Institutional International Trust

 

By:

/s/ David F. McCann

 

 

 

 

Name:

David F. McCann

 

 

 

 

Date:

May 26, 2011

 

 

Brown Brothers Harriman & Co.

 

By:

/s/ Patricia R. Fallon

 

 

 

 

Name:

Patricia R. Fallon

 

 

 

 

Date:

Managing Director

 

 

8