Sub Advisory Agreement for Hong Kong

Sub Advisory Agreement Template for Hong Kong

A Hong Kong-governed Sub Advisory Agreement is a complex financial services contract that establishes and regulates the relationship between a primary investment adviser and a sub-adviser. The agreement delegates specific investment management responsibilities while ensuring compliance with Hong Kong's regulatory framework, particularly the Securities and Futures Ordinance and SFC requirements. It details the scope of services, investment mandates, compliance obligations, reporting requirements, and risk allocation between parties, incorporating specific provisions required under Hong Kong law and regulatory guidance.

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What is a Sub Advisory Agreement?

The Sub Advisory Agreement is essential in Hong Kong's investment management industry where investment advisers delegate portfolio management responsibilities to specialized sub-advisers. This arrangement is common when seeking specific expertise, geographic market access, or asset class specialization. The agreement must comply with Hong Kong's Securities and Futures Ordinance and SFC regulations, including requirements for proper delegation, oversight, and investor protection. It typically covers investment mandates, fee structures, service levels, compliance requirements, and risk management protocols. The document is particularly important for cross-border arrangements and must address both Hong Kong regulatory requirements and any applicable international considerations.

What sections should be included in a Sub Advisory Agreement?

1. Parties: Identification of the primary investment adviser and sub-adviser, including regulatory status and licensing information

2. Background: Context of the agreement, including reference to the primary adviser's client agreements and regulatory framework

3. Definitions: Key terms used throughout the agreement, including investment-related terminology and regulatory references

4. Appointment and Scope: Terms of sub-adviser appointment and detailed scope of delegated investment management services

5. Duties and Responsibilities: Specific obligations of the sub-adviser including investment management, reporting, and compliance duties

6. Compliance with Laws: Obligations to comply with applicable laws, regulations, and regulatory requirements

7. Representations and Warranties: Standard and specific representations from both parties, including licensing and capability confirmations

8. Fees and Expenses: Fee structure, calculation method, payment terms, and responsibility for expenses

9. Standard of Care and Liability: Expected standard of care, limitations of liability, and indemnification provisions

10. Confidentiality: Protection of confidential information and client data

11. Conflicts of Interest: Procedures for identifying, managing, and disclosing conflicts of interest

12. Reporting and Records: Requirements for performance reporting, record-keeping, and information sharing

13. Term and Termination: Duration of agreement, termination rights, and post-termination obligations

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

What sections are optional to include in a Sub Advisory Agreement?

1. Soft Dollar Arrangements: Include when the sub-adviser may engage in soft dollar practices, specifying permitted arrangements and disclosure requirements

2. Cross Trading: Include when cross trades between client accounts may be permitted, detailing procedures and restrictions

3. ESG Investment Guidelines: Include when environmental, social, and governance factors are part of the investment mandate

4. Model Portfolio Services: Include when the sub-adviser provides model portfolios rather than direct investment management

5. Use of Affiliates: Include when the sub-adviser may delegate to or use services of affiliated entities

6. Investment Research: Include when specific provisions regarding research generation and sharing are needed

7. Proxy Voting: Include when sub-adviser will have proxy voting responsibilities

8. Currency Hedging: Include when currency hedging services are part of the mandate

What schedules should be included in a Sub Advisory Agreement?

1. Investment Guidelines: Detailed investment restrictions, guidelines, and policies applicable to the mandate

2. Fee Schedule: Detailed breakdown of fees, including calculation methodologies and examples

3. Authorized Persons: List of authorized persons who can give instructions or receive information

4. Reporting Requirements: Detailed specifications for regular reporting, including format, content, and frequency

5. Service Level Agreement: Specific performance metrics and service standards

6. Compliance Procedures: Detailed compliance procedures and requirements

7. Data Protection Requirements: Specific data protection and privacy requirements

8. Business Continuity Requirements: Business continuity and disaster recovery specifications

Authors

Alex Denne

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

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Asset Management

Investment Management

Wealth Management

Private Banking

Fund Management

Financial Services

Securities and Investment

Private Equity

Hedge Funds

Institutional Investment

Relevant Teams

Legal

Compliance

Investment Management

Risk Management

Operations

Portfolio Management

Client Services

Investment Advisory

Fund Administration

Middle Office

Relevant Roles

Chief Investment Officer

Portfolio Manager

Investment Director

Compliance Officer

Legal Counsel

Risk Manager

Operations Director

Investment Adviser

Fund Manager

Chief Operating Officer

General Counsel

Head of Investments

Senior Compliance Manager

Investment Operations Manager

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What is a Sub Advisory Agreement?

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What sections are optional to include in a Sub Advisory Agreement?

What schedules should be included in a Sub Advisory Agreement?

Authors

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