TORONTO, Nov. 5, 2019 /CNW/ - Scotia Global Asset
Management™ today announced a number of changes to its funds. The
changes include its intention to reduce the management fees for
Series M units of select ScotiaFunds®, change the fees for Scotia
Mortgage Income Fund and close 1832 AM Canadian Preferred Share LP
and Scotia Private Short Term Income Pool.
Management Fee Reductions
Effective on or about November 14,
2019, the management fees for Series M units of select
ScotiaFunds will be reduced as follows:
Fund
|
Current
Management
Fee
|
New Management
Fee
|
Scotia Private
Canadian Corporate Bond Pool (M)
|
0.10%
|
0.07%
|
Scotia Private
Canadian Preferred Share Pool (M)
|
0.30%
|
0.07%
|
Scotia Private Short
Term Bond Pool (M)
|
0.10%
|
0.07%
|
Scotia Canadian
Income Fund (M)
|
0.10%
|
0.07%
|
Scotia Bond Fund
(M)
|
0.10%
|
0.07%
|
Scotia Private
Short-Mid Government Bond Pool (M)
|
0.10%
|
0.07%
|
Scotia Private Total
Return Bond Pool (M)
|
0.10%
|
0.07%
|
Scotia Private Real
Estate Income Pool (M)
|
0.30%
|
0.15%
|
Scotia Private U.S.
Dividend Pool (M)
|
0.30%
|
0.10%
|
Scotia Private
International Core Equity Pool (M)
|
0.30%
|
0.10%
|
Scotia Money Market
Fund (M)
|
0.10%
|
0.03%
|
Scotia U.S. $ Money
Market Fund (M)
|
0.10%
|
0.03%
|
Over the last several years, portions of these funds' management
fees have been waived by the manager. The new management fees will
reflect actual rates that have been charged to the funds, and which
will be charged on an ongoing basis.
Fee Changes for Scotia Mortgage Income Fund
Currently, Scotia Mortgage Income Fund is charged a mortgage
administration fee for the administration of the mortgages it
holds. To date, 1832 Asset Management L.P., the manager of the
fund, has absorbed the full mortgage administration fee and
reimbursed it back to the fund. Effective on or about November 14, 2019, the mortgage administration
fee of 0.15% will be paid by the fund. At the same time, the
fixed administration fee for Scotia Mortgage Income Fund will be
lowered from 0.25% to 0.10%, which will result in no changes to the
overall fees charged to the fund.
Fund Closures
The following two funds will be closed on or about January 24, 2020:
- 1832 AM Canadian Preferred Share LP (Series I)
- Scotia Private Short Term Income Pool (Pinnacle Series, Series
F)
These funds will not be available for new purchases, including
through pre-authorized contributions (PACs) starting November 8, 2019. Unitholders of the funds can
redeem their units at any time up until the date of the closure. On
the closure date, any remaining units will be redeemed for cash. A
notice regarding the fund closures will be mailed to all affected
unitholders on or about November 20,
2019. Unitholders should contact their financial advisors
for more information on these changes and to discuss investment
options.
Commissions, trailing commissions, management fees and expenses
all may be associated with investments in the funds. Please read
the prospectus before investing. Investments in the funds are not
guaranteed; their values change frequently and past performance may
not be repeated.
About Scotia Global Asset Management
Scotia Global Asset Management is a business name used by 1832
Asset Management L.P., a limited partnership, the general partner
of which is wholly owned by Scotiabank. Scotia Global Asset
Management offers a range of wealth management solutions, including
mutual funds, and investment solutions for private clients,
institutional clients and managed asset programs.
About Scotiabank
Scotiabank is Canada's
international bank and a leading financial services provider in the
Americas. We are dedicated to helping our more than 25 million
customers become better off through a broad range of advice,
products and services, including personal and commercial banking,
wealth management and private banking, corporate and investment
banking, and capital markets. With a team of more than 100,000
employees and assets of over $1
trillion (as at July 31,
2019), Scotiabank trades on the Toronto Stock Exchange (TSX:
BNS) and New York Stock Exchange (NYSE: BNS). For more information,
please visit www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
TM Trademark of The Bank of Nova Scotia,
used under license, where applicable.
® Registered trademark of The Bank of Nova Scotia, used under license.
SOURCE Scotiabank