F&G amends Blackstone IMA with tiered fees, extends term to 2029, adds performance-based termination

F&G Annuities & Life, Inc.

Management fee rates revised: 0.26% on first $25B AUM, 0.24% on $25-34B, 0.12% above $34B, effective March 31, 2023.
Initial term of IMA Omnibus Termination Side Letter extended to June 1, 2029, with automatic two-year renewals thereafter.
New performance-based termination right after initial term compares BIS investment performance to benchmarks; cure period provided.
MVB Management (50% owned by BilCar, affiliate of Chairman Foley) cuts participation fee on New AUM by 50%; BilCar waives its right.
F&G agrees to pay BilCar the waived fees over 10 years through March 2033.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

F&G Annuities & Life, Inc. amended Investment Management Agreements Amendment with Blackstone ISG-I Advisors L.L.C. valued at Management fee schedule amended: 0.26% for AUM up to $25B, 0.24% for $25B-$34B, 0.12% for above $34B (effective 2023-03-10).

Action: amendment
Counterparty: Blackstone ISG-I Advisors L.L.C.
Value: Management fee schedule amended: 0.26% for AUM up to $25B, 0.24% for $25B-$34B, 0.12% for above $34B
Effective: 2023-03-10

Exact text from the filing

On March 10, 2023, F&G Annuities & Life, Inc., a Delaware corporation (the “ Company ”), Blackstone ISG-I Advisors L.L.C. (“ BIS ”), an indirect, wholly owned subsidiary of Blackstone Inc. (“ Blackstone ”), and Fidelity National Financial, Inc., a Delaware corporation (“ FNF ”), entered into an amendment (the “ Amendment ”) in respect of (a) each of the investment management agreements by and between BIS, as investment manager, on the one hand, and the Company or one of its subsidiaries, on the other hand (as amended, the “ Investment Management Agreements ”), (b) that certain letter agreement, dated June 1, 2020, as amended, by and among BIS, the Company and solely for limited purpose FNF (as amended, the “ IMA Omnibus Termination Side Letter ”) and (c) that certain amended and restated sub-manager fee agreement, dated June 1, 2020, as amended, by and among BIS, the Company and solely for limited purpose FNF (as amended, the “ Sub-Manager Fee Agreement ”).

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Source: SEC EDGAR

accession 0001934850-23-000020

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