The following excerpt is from the company's SEC filing.
(a)(1) Aspect FuturesAccess LLC (the “Registrant” or “Fund”), Merrill Lynch Alternative Investments LLC (“MLAI”) and Aspect Capital Limited (the “Trading Advisor”) are parties to an Advisory Agreement dated as of May 28, 2004 (the “Advisory Agreement”). MLAI is the sponsor and manager of the Registrant. Pursuant to the Advisory Agreement, the Trading Advisor provides investment advisory services for the Registrant, and directs the trading activities of the Registrant. As used herein “Units” refer to units of limited liability company interest in the Fund.
(i) the management fee percentage payable to th e Trading Advisor shall be 1.5% per annum with respect to Class DT Units (the “15% Class”) and 2.0% per annum with respect to Class A, Class C, Class D, Class DS, Class I and Class M Units (collectively, the “20% Classes”);
(ii) for periods up to and including December 31, 2014, the incentive fee percentage payable to the Trading Advisor shall be 15% per annum with respect to the 15% Class and 20% per annum with respect to the 20% Classes;
(iii) for periods commencing on or after January 1, 2015, the incentive fee percentage payable to the Trading Advisor shall be 15% per calendar quarter with respect to the 15% Class and 20% per calendar quarter with respect to the 20% Classes;
(iv) clarifying that incentive fees shall be determined on the basis of the 15% Class on the one hand and the 20% Classes on the other hand, and not on the basis of any individual investors or group of investors;
(v) the Trading Advisor’s acknowledging the semi-monthly redemption rights and subscription dates regarding the Units (provided that MLAI may eliminate mid-month redemption rights or discontinue mid-month subscription dates in MLAI’s discretion), and the Trading Advisor’s agreeing to adjust the trading level of the Fund to reflect any increase or decrease in the net assets of the Fund necessary to accommodate such redemptions or subscriptions;
(vii) MLAI’s agreeing not to sub-distribute, market and/or promote the Fund, directly or indirectly, to “retail clients” (as defined in applicable Financial Services Authority rules) in the United Kingdom through a United Kingdom branch or affiliate.
The Amendment also clarifies that ML Aspect FuturesAccess Ltd. (the “Offshore Fund”) is no longer party to the Advisory Agreement. The Offshore Fund was an original party to the Advisory Agreement, and was dissolved as of December 31, 2012.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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