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Manulife Mutual Funds is capping its Value Leaders Income Portfolio to new purchases, including systematic transfers and pre-authorized chequing plans. The company says it is capping the fund because it already offers a “vast selection” of income products.

Manulife also said it will rebrand the Value Leaders Portfolios as Manulife Leaders Portfolios, on or about June 5, 2010. Manulife acquired the Value Leaders Portfolios when it bought AIC’s Canadian retail investment fund business in September 2009.

“We regularly review our fund line-up to ensure that Manulife Mutual Funds provides a strong and efficient product offering that meets the demands of investors and their advisors,” said Jeff Ray, assistant vice-president, mutual fund products.

The Value Leaders Growth Portfolio will be renamed as Manulife Leaders Opportunities Portfolio.

“These changes are being implemented with the aim of enhancing our position as a highly competitive performer in the asset allocation portfolio product marketplace,” Ray said.

Manulife also announced it will recalibrate the distributions on all Manulife AIC funds that issue Class T4, T5, T6, T8 and F-T6 units. Effective January 1, 2011, these units will target distribution based on the net asset value per unit of the fund as at December 3, 2010.

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BMO fund to get new manager

BMO Investments announced it is changing the portfolio manager of the BMO U.S. Special Equity Fund. Effective June 4, 2010, the management of the fund will be handed over to Loomis, Sayles & Company, L.P.

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IQPF to join FPSC

The Institut québécois de planification financère (IQPF) has signed a memorandum of understanding with the Financial Planning Standards Council (FPSC), under which the IQPF will join FPSC as a member organization by the end of this year.

“We are pleased to join the ranks of FPSC’s current member organizations . . . to help ensure the financial planning needs of Canadians are well served,” said Jocelyne Houle-LeSarge, president and CEO of IQPF. “The financial health of Canadians can only be improved by initiatives such as this one. The IQPF and FPSC are natural allies and leaders in promoting financial planning as the cornerstone of sound financial management.”

Until now, these two organizations have been working together to address common issues that will further the public interest, such as improving consistency of standards across Canada and undertaking public interest research.

(04/05/10)