On The Shelf: PH&N lowers fund management fees, and more product news

(June 25, 2008) Phillips, Hager & North Investment Management Ltd. (PH&N) announced management fee reductions to selected PH&N and BonaVista investment funds, as well as the reopening of the PH&N Vintage Fund. On June 27, 2008, management fees will be reduced on Series A units of seven funds, and on Series F units of 17 […]

By Staff | June 25, 2008 | Last updated on June 25, 2008
2 min read
  • IG Templeton World Allocation Fund to be merged into Investors Tactical Asset Allocation Fund;
  • IG FI U.S. Equity Fund/Class to be merged into IG AGF U.S. Growth Fund/Class;
  • IG FI Global Equity Fund/Class to be merged into Investors Global Fund/Class.

Security holders of record (as of July 14, 2008) holding units or shares of the merging funds will receive a Notice of Meeting, Proxy Form and Management Information Circular dealing with the changes.

Security-holder meetings are scheduled for September 2, 2008. If approved, these changes are scheduled to take effect after the close of business on September 5, 2008.

Adjustments will also be made to the composition of the Allegro Conservative and Allegro Moderate Conservative Portfolios, in conjunction with the merger involving the IG FI U.S. Equity Fund. Also, the Allegro Moderate Conservative Portfolio will be rebalanced to invest 8% of its assets in IG FI Canadian Equity Fund with an offsetting decrease in the portfolio’s current investment in the IG Mackenzie Maxxum Canadian Equity Growth Fund.

The IG Funds Independent Review committee approved the above fund mergers at a meeting held on June 23, 2008.

(06/25/08)

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.

Previous Brieflies this week: | MON | TUE | WED | THU |

(June 25, 2008) Phillips, Hager & North Investment Management Ltd. (PH&N) announced management fee reductions to selected PH&N and BonaVista investment funds, as well as the reopening of the PH&N Vintage Fund.

On June 27, 2008, management fees will be reduced on Series A units of seven funds, and on Series F units of 17 funds.

Series A units’ management fees will be reduced by between 5 and 35 basis points, while the management fees for Series F units will be reduced by between 3 and 60 basis points.

Also effective June 27, 2008, the PH&N Vintage Fund will be reopened for investment. Its management fee is currently 1.75% for Series A and Series F units. On October 1, 2008, the management fee will be reduced to 1.25% for Series A units and to 1.00% for Series F units. Launched in April 1986, the Vintage Fund is PH&N’s most aggressive Canadian equity fund. It was closed to new investors in 1993, but changes in market conditions and liquidity now support reopening the fund. The fund is managed by PH&N’s Canadian equity team; the lead portfolio managers are Don Anderson and Andrew MacDonald.

Units of PH&N and BonaVista funds can be purchased directly from PH&N, with a minimum account size of $25,000 (which may be spread across multiple funds).

Certain funds may also be purchased through a third party dealer or discount brokerage, with a minimum investment of $5,000 per fund.

• • •

Investors Group announces fund mergers

(June 25, 2008) Investors Group has proposed mergers involving funds with similar existing mandates These mergers, which require security-holder and regulatory approval, are expected to provide enhanced diversification opportunities and in some cases lower management and administration fees.

The funds to be merged include:

  • IG Templeton World Allocation Fund to be merged into Investors Tactical Asset Allocation Fund;
  • IG FI U.S. Equity Fund/Class to be merged into IG AGF U.S. Growth Fund/Class;
  • IG FI Global Equity Fund/Class to be merged into Investors Global Fund/Class.

Security holders of record (as of July 14, 2008) holding units or shares of the merging funds will receive a Notice of Meeting, Proxy Form and Management Information Circular dealing with the changes.

Security-holder meetings are scheduled for September 2, 2008. If approved, these changes are scheduled to take effect after the close of business on September 5, 2008.

Adjustments will also be made to the composition of the Allegro Conservative and Allegro Moderate Conservative Portfolios, in conjunction with the merger involving the IG FI U.S. Equity Fund. Also, the Allegro Moderate Conservative Portfolio will be rebalanced to invest 8% of its assets in IG FI Canadian Equity Fund with an offsetting decrease in the portfolio’s current investment in the IG Mackenzie Maxxum Canadian Equity Growth Fund.

The IG Funds Independent Review committee approved the above fund mergers at a meeting held on June 23, 2008.

(06/25/08)

Previous Brieflies this week: | MON | TUE | WED | THU |

(June 25, 2008) Phillips, Hager & North Investment Management Ltd. (PH&N) announced management fee reductions to selected PH&N and BonaVista investment funds, as well as the reopening of the PH&N Vintage Fund.

On June 27, 2008, management fees will be reduced on Series A units of seven funds, and on Series F units of 17 funds.

Series A units’ management fees will be reduced by between 5 and 35 basis points, while the management fees for Series F units will be reduced by between 3 and 60 basis points.

Also effective June 27, 2008, the PH&N Vintage Fund will be reopened for investment. Its management fee is currently 1.75% for Series A and Series F units. On October 1, 2008, the management fee will be reduced to 1.25% for Series A units and to 1.00% for Series F units. Launched in April 1986, the Vintage Fund is PH&N’s most aggressive Canadian equity fund. It was closed to new investors in 1993, but changes in market conditions and liquidity now support reopening the fund. The fund is managed by PH&N’s Canadian equity team; the lead portfolio managers are Don Anderson and Andrew MacDonald.

Units of PH&N and BonaVista funds can be purchased directly from PH&N, with a minimum account size of $25,000 (which may be spread across multiple funds).

Certain funds may also be purchased through a third party dealer or discount brokerage, with a minimum investment of $5,000 per fund.

• • •

Investors Group announces fund mergers

(June 25, 2008) Investors Group has proposed mergers involving funds with similar existing mandates These mergers, which require security-holder and regulatory approval, are expected to provide enhanced diversification opportunities and in some cases lower management and administration fees.

The funds to be merged include:

  • IG Templeton World Allocation Fund to be merged into Investors Tactical Asset Allocation Fund;
  • IG FI U.S. Equity Fund/Class to be merged into IG AGF U.S. Growth Fund/Class;
  • IG FI Global Equity Fund/Class to be merged into Investors Global Fund/Class.

Security holders of record (as of July 14, 2008) holding units or shares of the merging funds will receive a Notice of Meeting, Proxy Form and Management Information Circular dealing with the changes.

Security-holder meetings are scheduled for September 2, 2008. If approved, these changes are scheduled to take effect after the close of business on September 5, 2008.

Adjustments will also be made to the composition of the Allegro Conservative and Allegro Moderate Conservative Portfolios, in conjunction with the merger involving the IG FI U.S. Equity Fund. Also, the Allegro Moderate Conservative Portfolio will be rebalanced to invest 8% of its assets in IG FI Canadian Equity Fund with an offsetting decrease in the portfolio’s current investment in the IG Mackenzie Maxxum Canadian Equity Growth Fund.

The IG Funds Independent Review committee approved the above fund mergers at a meeting held on June 23, 2008.

(06/25/08)