Briefly:

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Due to the historically low short-term interest rates, Fidelity Investments will temporarily waive a portion of management fees charged on its money market funds with the goal to maintain a positive yield for investors.

However, Fidelity will not be changing the investment approach of these funds to seek higher yields.

The reduced fees will apply to the following funds:

• Fidelity Canadian Money Market Fund • Fidelity Canadian Short Term Income Class • Fidelity Premium Money Market Private Pool • Fidelity U.S. Money Market Fund

Also, for the Fidelity Canadian Short Term Income Class, the company will absorb the operating expenses normally charged in order to maintain a positive total return on a series-by-series basis.

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AGF closing Global Balanced High Income

AGF Funds will be terminating the AGF Global Balanced High Income Fund on or about July 6, and as of today, units of the fund will no longer be available for purchase.

The decision to terminate it was driven by a combination of factors, including the small number of unitholders, relatively low assets and the costs associated with maintaining such a small fund.

Prior to the termination, unitholders will have the option to switch their investment to any of AGF’s diversified family of mutual funds or to redeem their units.

Anyone who holds units of the fund in an AGF registered account, and who still remains in the fund by July 3, will have their holdings redeemed and re-invested into the Front-End mutual fund series of AGF Canadian Money Market Fund.

For those who have investments in the AGF Global Balanced High Income Fund in a non-registered account or a non-AGF registered account, AGF will liquidate any remaining holdings of the fund at fair market value on or about July 6.

A final distribution of any income and capital gains, if any, will be made on July 3 and the remaining net assets will be distributed to investors on or about July 6, 2009.

Unitholders will not be charged any redemption or sales fees.

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CIBC Asset Management fund changes

CIBC Asset Management Inc., the manager and trustee of the Renaissance Investments family of funds and the Frontiers Pools, is making certain changes to its product line-up.

Effective June 1, Aletheia Research and Management Inc. will be the portfolio sub-advisor of the Renaissance Global Focus Fund.

Effective July 1, Metropolitan West Capital Management, LLC will be the new portfolio sub-advisor for the Renaissance U.S. Equity Value Fund and to the Frontiers U.S. Equity Pool. Fiduciary Management Inc. will take over as portfolio sub-advisor for the pool’s small-cap component. These changes will also affect Axiom Portfolios.

Lastly, the Renaissance Global Multi Management Fund will be renamed the Renaissance Optimal Global Equity Portfolio. This change will also take effect on July 1.

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BofA Securities names Toronto head

Banc of America Securities-Merrill Lynch Research has named Sheryl King head of Canada economics and investment strategy and will relocate to Toronto with this new position.

“Sheryl’s extensive experience and strong knowledge of the North American economies will be a tremendous asset to our clients,” says Adam Quinton, head of Banc of America Securities-Merrill Lynch macro research. “Sheryl will also focus on providing our Canadian clients with innovative investment strategies and trade ideas that bridge the gap between the economic fundamentals of both equities and fixed income.”

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Manulife teams with MediResource on health portal

Manulife Financial has teamed up with MediResources Inc and improved its Health eLinks online resource by now providing group benefits plan members with access to an online health library and a new health-risk assessment tool, among others

“We believe our new Health eLinks resource will position us strongly in today’s market and enable us to build on our comprehensive suite of Health for Life wellness products,” says Rick Brunet, executive vice-president with Manulife Financial Group Benefits.

Marilee Mark, vice-president, marketing, with Manulife Financial Group Benefits, adds, “Our new Health Risk Assessment goes beyond others in the market place. The partnership with MediResource has allowed us to broaden the assessment to include health risk factors that are affecting productivity and benefit costs for employers today.”

(05/01/09)