Asset Management Agreement

Asset Management Agreement Template for Canada

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Key Requirements PROMPT example:

"I need an Asset Management Agreement for a Canadian pension fund client, incorporating ESG investment criteria and allowing for international equity investments, with the agreement to commence March 1, 2025 and include provisions for securities lending and sub-advisory arrangements."

Document background

The Asset Management Agreement serves as the primary contractual document between professional investment managers and their clients in the Canadian market. It is essential when a client (institutional or individual) delegates investment authority to a registered portfolio manager. The agreement must align with Canadian securities laws, which primarily operate at the provincial level, while also addressing federal requirements for anti-money laundering and privacy. The document typically includes detailed investment guidelines, fee structures, reporting obligations, and risk disclosures. It's particularly important for registered portfolio managers under National Instrument 31-103 and must reflect specific Canadian regulatory requirements for different client categories (permitted clients, accredited investors, or retail investors). The agreement should also address custody arrangements, which are subject to Canadian securities regulations requiring adequate segregation and safekeeping of client assets.

Suggested Sections

1. Parties: Identification of the asset manager and the client, including full legal names and addresses

2. Background: Context of the agreement, including the asset manager's registration status and client's intention to engage their services

3. Definitions: Key terms used throughout the agreement, including 'Assets', 'Investment Guidelines', 'Services', and regulatory terminology

4. Appointment and Authority: Formal appointment of the asset manager and scope of their discretionary authority

5. Services: Detailed description of investment management services to be provided

6. Investment Guidelines and Restrictions: Parameters within which the asset manager must operate, including investment objectives and constraints

7. Fees and Expenses: Management fees, performance fees, and other charges, including calculation methods and payment terms

8. Representations and Warranties: Standard declarations by both parties regarding their capacity, authority, and compliance with laws

9. Reporting and Valuations: Requirements for periodic reporting, performance measurement, and asset valuation methodology

10. Custody Arrangements: Details regarding the safekeeping of assets and relationship with custodian

11. Risk Disclosures: Acknowledgment of investment risks and limitations of the asset manager's responsibility

12. Compliance and Anti-Money Laundering: Obligations regarding regulatory compliance and AML requirements

13. Confidentiality: Protection of confidential information and client privacy

14. Standard of Care and Liability: Asset manager's duty of care and limitations of liability

15. Termination: Circumstances and process for ending the agreement, including notice periods and transition of assets

16. General Provisions: Standard clauses including governing law, amendments, assignment, and notices

Optional Sections

1. Proxy Voting: Terms regarding the exercise of voting rights attached to investments, used when the manager will have voting authority

2. Securities Lending: Terms governing any securities lending program, included if securities lending is part of the mandate

3. Foreign Exchange Transactions: Provisions for currency hedging and FX trading, needed for portfolios with foreign currency exposure

4. ESG Investment Criteria: Environmental, Social and Governance investment criteria, included when client requires ESG considerations

5. Sub-Advisory Arrangements: Terms governing the appointment of sub-advisors, included if sub-advisors will be used

6. Performance Fee Structure: Detailed performance fee calculations and high-water mark provisions, included for agreements with performance-based compensation

7. Client Direction for Non-Discretionary Accounts: Process for obtaining client approval for transactions, included for non-discretionary mandates

Suggested Schedules

1. Schedule A - Investment Guidelines: Detailed investment objectives, constraints, asset allocation ranges, and permitted investments

2. Schedule B - Fee Schedule: Detailed breakdown of all fees, charges, and calculation methodologies

3. Schedule C - Authorized Persons: List of individuals authorized to give instructions on behalf of the client

4. Schedule D - Reporting Requirements: Specific reports to be provided, including format, frequency, and content

5. Schedule E - Sub-Advisors: List of approved sub-advisors and their mandates, if applicable

6. Schedule F - Risk Disclosure Statement: Detailed disclosure of investment risks specific to the mandate

7. Appendix 1 - KYC Documentation: Know Your Client information and investment suitability assessment

8. Appendix 2 - Custody Agreement: Terms of custody arrangement if integrated with the investment management agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Investment Management

Banking

Insurance

Pension Funds

Wealth Management

Private Equity

Real Estate Investment

Family Office Services

Institutional Asset Management

Alternative Investments

Fund Administration

Relevant Teams

Legal

Compliance

Investment Management

Client Services

Operations

Risk Management

Portfolio Administration

Business Development

Finance

Investment Research

Client Onboarding

Product Development

Relevant Roles

Portfolio Manager

Chief Investment Officer

Compliance Officer

Legal Counsel

Investment Advisor

Risk Manager

Client Relationship Manager

Operations Manager

Fund Administrator

Chief Financial Officer

Investment Analyst

Wealth Manager

Trust Officer

Account Manager

Director of Operations

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