November 18, 2021 – New Self-Regulatory Organization on the Horizon
Canada has two self-regulatory organizations, the Mutual Fund Dealer Association (MFDA) oversees mutual fund dealers, and the Investment Industry Regulatory Organization of Canada (IIROC) oversees investment dealers and trading activities.
On August 3, 2021, the umbrella organization for all provincial and territorial regulators, the Canadian Securities Administration (CSA), announced the amalgamation of the two SRO’s and their respective Investor Protection Funds. On November 18, 2021, CSA shared the timeline for the expected approvals for the new SRO by the end of 2022.
Investors will not see any changes to their investments. The main impact is anticipated to be better efficiency in services and easier access to products.
November 4, 2021 – Tax Treatment of Year-End Distributions from US-based Funds
Investors who hold a US-based mutual fund in a non-registered account must claim dividends on their Canadian tax return. Additional US withholding tax may also apply. A foreign tax credit may be available to offset the US tax.
November 3, 2021 – New KYC Requirements Assign a Trusted Contact Person (TCP)
As part of the regulatory framework to ensure financial advisors are keeping current information on clients, Know Your Client (KYC) forms must be updated regularly. A new provision to protect older and more vulnerable clients was introduced in July of 2021. Advisors must show reasonable effort in requiring a trusted person to be named for the advisor to notify should there be signs of diminished capacity. These changes will take effect in January 2022.
October 21, 2021 – CI Financial Continues to Grow
CI Financial Corp. announced the acquisition of Seattle-based McCutchen Group LLC, an investment advisory firm servicing ultra-high-net-worth clients to the tune of US$3.4 billion in assets. This transaction increases CI Financials’ US wealth management assets to US$83 billion.
June 24, 2021 – CI Announces Fund Name Changes to Product Lineup
Visit CI GAM for more detail and a list of all the changes.
April 12, 2021 – iA Clarington Announces Fund Changes
iA Clarington is making changes to simplify its product lineup and position for future opportunities. Visit the full list with details here.
October 26, 2020 – MSCI Announces New Climate Indexes
MSCI provides support tools and services to the global investment community including the development of indexes to measure investment performance. MSCI announced 8 new MSCI Climate Paris Aligned Indexes. These indexes serve to help investors align with green investments that seek to reduce global warming as outlined in the Paris agreement of 2015. For more information, visit Index announcements – MSCI.
October 18, 2020 – Brookfield Buys into American Equity
Brookfield Asset Management announced the purchase of 19.99% of American Equity Investment Life Holding Company (AEL). The transaction will be done in two phases and is expected to be finalized during the 1st half of 2021. AEL is a leading issuer of fixed index annuities through independent agents, banks, and broker-dealers. The press release states that “Brookfield’s reinsurance and annuity subsidiary, Brookfield Asset Management Partners, will reinsure up to $10 billion in annuity liabilities, including an initial $5 billion of existing liabilities and up to an incremental $5 billion of future business when written.” For more information, read the full press release.
October 15, 2020 – Invesco Announces Changes to Sub-Advisor and Investment Strategies
Invesco Canada announced changes to the following funds:
*Portfolio managers are part of Invesco Advisers Inc, which is an affiliate of Invesco Canada Ltd and the subadvisor of the funds.
Fund Terminations effective on or about December 21, 2020.
Effective on or about October 22, 2020, closed to new investors. Existing investors may continue to purchase securities until December 17, 2020
For more information read the full press release.
July 28, 2020 – Manulife Announces Changes to Mutual Funds
To streamline their mutual fund offerings, Manulife Investments made the following announcements:
- A proposed fund merger of Manulife Floating Rate Income Fund into Manulife U.S. Unconstrained Bond Fund, effective on or about October 23, 2020.
- Three fund terminations, effective on or about October 19, 2020: Manulife Canadian Dividend Growth Class, Manulife Growth Opportunities Class, and Manulife Short Term Yield Class. Proceeds of these funds will be distributed to security holders.
- Closing the low‑load series of Manulife Private Investment Pools (MPIP), Series L and LT, and two mutual funds to new purchases, effective 4:00 p.m. ET on July 28, 2020.
Visit the Manulife Investment Management press release for the full list of changes.
July 10, 2020 – Ontario Sales Commission (OSC) Holds Out on Ban of Deferred Sales Charge (DSC)
Although the rest of Canada’s regulators are moving to ban the Deferred Sales Charge (DSC) investment fee structure, the Ontario Securities Commission (OSC) continues to hold out. The Ontario government has strongly suggested strict regulations. The OSC has proposed a series of restrictions to counter the negative aspects of DSC without eliminating it altogether. As published by Investment Executive, the OSC restrictions “include capping the length of redemption schedules, banning leverage and limiting the use of DSCs to investors under 60 with accounts smaller than $50,000.” Source
June 29, 2020 – iA Clarington Announces Changes to Actively Managed Funds
iA Clarington announced several portfolio manager changes, fund name changes, fund mergers, fund terminations, and a Guaranteed Investment Fund (GIF) name and portfolio manager change. Following are the name changes and mergers. Click here for the complete press release.
Fund name changes (effective June 29, 2020)
|Previous name||New name|
|IA Clarington Bond Fund||IA Wealth Core Bond Pool*|
|IA Clarington Global Allocation Class||IA Clarington Loomis Global Allocation Class|
|IA Clarington Global Allocation Fund||IA Clarington Loomis Global Allocation Fund|
|Terminating fund*||Continuing fund||New portfolio manager(s), effective June 29, 2020||Proposed merger date|
|IA Clarington Growth & Income Fund||IA Clarington Strategic Income Fund||Dan Bastasic, iA Clarington||September 25, 2020|
|IA Clarington North American Opportunities Class||IA Clarington Canadian Small Cap Fund||Ian Cooke & Joe Jugovic, QV Investors Inc.||November 27, 2020|
|IA Clarington Focused Canadian Equity Class||IA Clarington Canadian Small Cap Fund||Ian Cooke & Joe Jugovic, QV Investors Inc.||November 27, 2020|
June 22, 2020 – RBC Global Asset Management Inc. announces capping of Advisor Series as well as changes to Series H and I of certain BlueBay Funds
TORONTO, June 22, 2020 — RBC Global Asset Management Inc. (“RBC GAM Inc.”) today announced that effective June 26, 2020, Advisor Series and Advisor T5 Series units and mutual fund shares of RBC Funds, BlueBay Funds, PH&N Funds and RBC Corporate Class Funds, as applicable, will be capped. Purchases made through pre-authorized contribution plans established before June 26, 2020 will be permitted until August 4, 2020.
Additionally, all initial sales charge (“ISC”) and low-load (“LL”) sales charge options for Advisor Series and Advisor T5 Series units and mutual fund shares will be re-designated to the corresponding Series A or Series T5 units or mutual fund shares, as applicable, on August 4, 2020. Redemption fees will be waived on all LL options for Advisor Series and Advisor T5 Series units and mutual fund shares when they are re-designated to Series A or Series T5. Advisor Series and Advisor T5 Series units of the RBC Funds and BlueBay Funds with a deferred sales charge (“DSC”) option will remain capped and invested based on their existing redemption schedules. Source
November 12, 2019 – Fund Mergers and Name Changes Made by CI Investments
CI Investments announced the merger of 23 mutual funds effective on or after November 22, 2019. Seven additional mergers are pending approval and will take place on or after April 3, 2020. CI also renamed 19 of their funds.
Read the press release for detailed information.
July 22, 2019 – Changes to Portfolio Management Announced by CI Investments
Effective July 31, 2019, Altrinsic Global Advisors will become a sub-advisor to Harbour Global Equity Fund, Harbour Global Equity Corporate Class and Sentry Global Monthly Income Fund. The Chief Investment Officer of Altrinsic, John Hock, will be the Lead Portfolio Manager.
In addition, Harbour Advisors Senior Portfolio Manager and Head of Research, Peter Hofstra, has been appointed Lead Portfolio Manager of the following funds managed by the Harbour team: CI Canadian Investment Fund, CI Canadian Investment Corporate Class, Harbour Fund, Harbour Corporate Class, Harbour Voyageur Corporate Class, and a portion of Select Canadian Equity Managed Fund and Select Canadian Equity Managed Corporate Class. Source
July 1, 2019 – 3rd Party Contributions No Longer Allowed in TFSA Plans
Effective July 1, 2019 contributions by any party other than the owner of a TFSA plan will no longer be allowed due to the revised Federal Income Tax Act (146.2). Previously, spouses could gift TFSA contributions to one another. This is no longer being allowed without tax consequences. Monetary gifts can continue to be made between spouses and children as long as the owner of the TFSA is making the contribution. Source
May 30, 2019 – Portfolio Manager and Fund Name Changes Announced at IA Clarington
Effective May 30, 2019, iA Clarington has made several changes to fund names and managers as follows:
March 5, 2019 – Bridgehouse Announces Upcoming Fund Mergers
Bridgehouse proposes fund mergers to happen on or before May 3, 2019 as follows:
Fund mergers to occur on or about August 23, 2019 as follows:
Effective April 12, 2019, management fees for Series A and Series F of the Sionna Canadian Balanced Fund will be reduced by 0.1% and the distribution policy will be changed to monthly, effective May 15, 2019. The investment strategies will be enhanced to include dividend-paying companies. To reflect this change the fund will be renamed to Sionna Strategic Income Fund.
March 4, 2019 – Dynamic Funds Announces Changes to Core Fixed Income Team
In addition to welcoming two new portfolio managers – Derek Amery and Rose Devli, Dynamic announced Michael McHugh will be retiring in 2019.
Dynamic’s Core Fixed Income Team is led by 10 portfolio managers who manager over $40 Billion in assets.
February 22, 2019 – Canoe Financial Closes Deal to Purchase Funds from Fiera Capital
This acquisition adds over $800 million in assets to Canoe expanding their global investments. The Fiera management team will continue to manage the Canoe (Fiera) Defensive Global Equity, Canoe (Fiera) Global Equity and Canoe (Fiera) International Equity offerings.
Canoe indicated that they will be merging the remaining Fiera funds into a corresponding Canoe fund and consolidating several existing Canoe funds in an effort to reduce duplication, streamline their offering and reduce management expenses.
February 11, 2019 – Solium Capital Set to be Purchased by Morgan Stanley for $1.1 Billion
Subject to the approval of 2/3 of shareholders and regulatory approvals, US bank Morgan Stanley is expected to purchase Calgary-based Solium Capital in the second quarter of 2019. Solium Capital helps companies manage their employee stock plans. Morgan Stanley will pay 1.1 billion ($19.15 per share) Source: https://solium.com/2019/02/11/solium-capital-inc-enters-arrangement-agreement-morgan-stanley/
October 3, 2018 – CRA Announces Delay on Changes to Registered Fee Position
CRA stated it would postpone taxing investment management fees on registered accounts paid from open accounts “indefinitely”. This announcement reverses their intention in 2016 to implement a tax equivalent to the fee if paid outside of the registered plan. Initially, CRA was to implement the tax by January 2018 and then postponed’ to January 2019. This latest announcement is good news for the industry and investors.
July 30, 2018 – CI Announces Management Fee Reductions on 33 Funds and Lower Minimums to Qualify for Preferred Pricing
Effective August 1, 2018, reductions of five to 55 basis points to management fees for Class A, F and P securities and certain Preferred Pricing tiers of selected funds, and for Series A, B and F securities of selected Sentry-branded funds will be implemented.
|CI Canadian Investment Corporate Class
CI Canadian Investment Fund
CI Global Health Sciences Corporate Class
Lawrence Park Strategic Income Fund
Marret High Yield Bond Fund
Marret Short Duration High Yield Fund
Select Income Managed Corporate Class
Sentry Energy Fund
Sentry Global Infrastructure Fund
Sentry Global REIT Class
Sentry Global REIT Fund
Sentry Precious Metals Class
Sentry Precious Metals Fund
Sentry Resource Opportunities Class
Signature Canadian Bond Corporate Class
Signature Canadian Bond Fund
Signature Corporate Bond Corporate Class
|Signature Corporate Bond Fund
Signature Emerging Markets Corporate Class
Signature Emerging Markets Fund
Signature Global Bond Corporate Class
Signature Global Bond Fund
Signature Global Energy Corporate Class
Signature Global Resource Corporate Class
Signature Global Resource Fund
Signature Global Technology Corporate Class*
Signature Gold Corporate Class
Signature High Yield Bond Corporate Class
Signature High Yield Bond II Fund
Signature Preferred Share Pool
Signature Real Estate Pool
Signature Short-Term Bond Fund
Signature Tactical Bond Pool
*Formerly Signature Global Science & Technology Corporate Class.
Effective October 1, 2018 automatic reductions to qualify for CI Preferred Pricing include:
- Reduction per account on minimum investment from $150,000 to $100,000.
- Minimum Family Group pricing reduced from $250,000 to $100,000.
July 27, 2018 – Invesco Canada Announces Changes to Fund Names and Risk Classifications
Effective at close of business day today, name changes to Invesco’s mutual funds and institutional pooled funds to be made. All but 5 funds will keep the existing investment objectives, strategies and portfolio management teams. All “Trimark” funds will be renamed “Invesco” to consolidate the global brand.
Risk rating changes were also made in accordance with the Canadian Securities Administrators (CSA) risk classification methodology.
July 17, 2018 – Invesco Announces Changes to Fund Objectives
Unitholders approved investment objectives change to Invesco Advantage Bond (to be renamed Invesco Multi-Sector Credit Fund). Invesco said in a news release “The multi-sector approach will provide for increased diversification across four broad asset classes: global investment-grade credit; global high-yield credit; emerging-markets debt; and bank loans.”
The investment objectives of 4 PowerShares funds will also change to allow the porftolio management team to invest in an Invesco ETF. The funds effected are: PowerShares 1-5 Year Laddered Corporate Bond Index Fund; PowerShares Canadian Dividend Index Class; PowerShares Canadian Preferred Share Index Class; and PowerShares FTSE RAFI Canadian Fundamental Index Class.
May 11, 2018 – EdgePoint Announces Increase in Initial Investment Minimum
Effective June 1, 2018 EdgePoint will raise the minimum initial investment to $20,000 from $15,000. This will not affect current accounts. This is the first increase in the required minimum investment since EdgePoint launched in 2008.
April 27, 2018 Mackenzie Announces Fee Reductions and Fund Mergers
Effective June 1, 2018 Mackenzie Investments will reduce fees on most of their F-class and Private Wealth series funds. The household minimum investment to be eligible for the Private Wealth series will be reduced to $100,000 from $250,000. On June 8, 2018 all qualified investors will automatically be enrolled in Mackenzie Private Wealth Solutions.
Mackenzie is also proposing mergers of 13 mutual funds. Investors will be receiving more information by mail notifying of approved mergers or Notice of Special Meeting(s) on those funds that require a vote on the merger(s).
March 9, 2018 – AGF Announces Management Fee Reductions and Risk Rating Changes
Effective April 1, 2018, management fees will be reduced on the MF, F and high-net-worth series on the following funds:
- AGF Emerging Markets Fund
- AGF Emerging Markets Class
- AGF Fixed Income Plus Fund
- AGF Fixed Income Plus Class
To comply with Canadian Securities Administrators Mutual Fund Risk Classification Methodology, the risk rating on 11 AGF funds will be changing. No other material changes will be made to the investment objectives, strategies or management of the Funds.
March 9, 2018 – iA Clarington Apologizes for Distribution Error on Tactical Income Fund
iA Clarington Tactical Income Fund paid a capital gain distribution in error on December 28, 2017. Investors in this Fund will be receiving an amended tax slip. Those investors who have not yet filed their taxes should do so using the amended T3 provided by iA Clarington.
Investors who have already filed their taxes for the 2017 tax year may amend them using the T1-ADJ form and the amended T3. If there are any refiling costs associated with this error, iA Clarington is inviting investors to send a request for reimbursement.
February 26, 2018 – Brandes Announces Retirement of Founder & Chairman, Charles Brandes
At age 75, Charles Brandes has decided to retire. In his letter to staff he stated “As I step away, I do so knowing that the firm is in excellent hands. I have great confidence in the leadership and the entire team at the firm.”
Over the last 40 years, Brandes Investment Partners LP has grown to manage over 39.1B Canadian. Brandes remains one of the few pure value investment managers.
February 12, 2018 – Sun Life Global Investments Announces Reduced Fees on Select Excel Funds
Beginning February 28, 2018, Sun Life Global will be reducing fees by as much as 45 basis points on the following funds:
- Excel India Fund (45 basis points on Series A and F)
- Excel New India Leaders Fund (45 basis points on Series A and F)
- Excel High Income Fund (20 basis on Series A and 5 basis points on Series F)
December 21, 2017 – BMO Announces Elimination of Deferred Sales Charge (DSC) Purchase Option
Effective May 4, 2018 BMO Global Asset Management will discontinue the DSC purchase option. All DSC purchases will automatically be switched to Front End Load (FEL). Investors who had DSC holdings prior to May 4, 2018 at 4:00 pm EST will be permitted to remain invested with the DSC option until no further redemption penalties apply.
December 4, 2017 – iA Financial Announces Expansion of Segregated Fund Lineup
Industrial Alliance Insurance and Financial Services Inc. launched four new global funds and a family of five global index portfolios to broaden their lineup of segregated funds.
iA Financial Group announced (on December 4, 2017) the introduction of two new segregated funds in partnership with its Kelowna, B.C.-based subsidiary Forstrong Global Asset Management Inc., as well as two new segregated funds in partnership with Toronto-based Fidelity Investments Canada ULC.
- Global Diversified Fixed Income Fund and Global Diversified Equity Fund (Forstrong)
- Fidelity Global Monthly Income Fund and Fidelity Global Concentrated Equity Fund
- The global index portfolios include: Indexia Prudent, Indexia Moderate, Indexia Balanced, Indexia Growth and Indexia Aggressive
October 2, 2017 – iA Clarington and PineBridge Investments Form Partnership
iA Clarington Investments Inc. announced a sub-advisory relationship with global asset manager PineBridge Investments LLC. PineBridge manages over US$85 billion in assets under administration and provides active income offerings adding to iA Clarington’s income producing mutual fund selections.
The three new funds are:
- iA Clarington Emerging Markets Bond Fund
- iA Clarington Global Bond Fund
- iA Clarington Global Yield Opportunities Fund
September 28, 2017 – Distribution Frequency Changes on iA Clarington Funds
A Clarington announced that 5 of their funds will change from annual to monthly distribution frequency to better meet the needs of clients drawing income from their portfolios. The five funds are:
- iA Clarington Strategic Income Fund
- iA Clarington Strategic U.S Growth & Income Fund
- iA Clarington Tactical Income Fund
- iA Clarington Global Growth & Income Fund
- iA Clarington Global Tactical Income Fund
The first monthly distribution will occur on September 29, 2017.
September 26, 2017 – Sprott Asset Management Becomes Ninepoint Partners LP
Effective September 26, 2017, the former management team of Sprott Asset Management LP launch the new brand Ninepoint Partners LP. The rebranding completes the transition initiated with the management-led buyout of the diversified asset business from Sprott Inc. on August 1, 2017.
September 25, 2017 – iA Clarington MER Changes
Effective September 25, 2017, iA Clarington revised their management expenses (MER) to bring them in line with current industry costs. This resulted in fee reductions for some of their investment funds (notably Inhance SRI portfolios) as well as increases for others.
iA also announced enhancements for their elite pricing program for higher net worth investors. Investors with $2.5 million in a single account will now receive a 12.5 basis point (0.125%) rebate on every dollar invested; at $5 million, the rebate is 15 basis points (0.15%).
September 11, 2017 – Purpose Investments to Purchase Mutual Funds Owned by LOGIQ Asset Management
On September 11, 2017 LOGIQ Asset Management Inc. and Purpose Investments Inc. announced the had entered into a Purchase and Sale Agreement. Purpose will be acquiring $32.9 million of LOGIQ’s retail asset management contracts adjusted based on AUM (assets under administration) at the time of acquisition. The transaction is expected to be completed by the end of December pending all conditions are met.
September 7, 2017 – Excel Funds Management to be Acquired by Sun Life
On September 7, 2017 Sun Life Global Investments (Canada) Inc. and Excel Funds Management Inc. announced the agreement for Sun Life to purchase all outstanding shares of both Excel Funds Management Inc. and Excel Investment Counsel Inc. (collectively, “Excel Funds”). Prior to this, Sun Life’s ownership stake was 49%.
Excel Funds specializes in emerging market funds with approximately $700 million in assets under management.
September 6, 2017 – Bitcoin Investment Manager First Block Capital Granted Registration by B.C. Securities Commission (BCSC)
On September 6, 2017 it was announced that First Block Capital Inc. is the first cryptocurrency investment fund manager to be registered by BCSC. The registration allows First Block to operate a bitcoin investment fund that will be regulated by BCSC. The conditions of the registration allow for some flexibility to allow First Block to operate under regulation while providing tools for the British Columbia Securities Commission to evaluate risks for the innovative fund type.
August 10, 2017 – CI Financial Corp (CI) to Acquire Sentry Investments Corp.
On August 10, 2017, CI and Sentry announced the agreement for CI to acquire all outstanding shares of Sentry.
Sentry stated in their press release that “under the agreement, CI will acquire all of the outstanding shares of Sentry and its subsidiary Sentry Investments Inc., for a total of $780 million payable in $230 million in cash and the balance in CI shares. The transaction is expected to close on or about September 29, 2017, subject to regulatory approvals.”
May 12, 2017 – Name Change for Most of the Aston Hill and Front Street Funds to LOGIQ
As a result of the combination of Aston Hill Financial Inc. (now LOGIQ Asset Management Inc.) and Front Street Capital 2004 (now LOGIQ Capital 2016) to create LOGIQ Asset Management Inc., the “Front Street” group of funds will be changed to reference the LOGIQ name.
If you owned Front Street Energy Growth Fund (Labour Sponsored Fund) or any of their other regular mutual funds, the name will reflect this change of ownership.
April 27, 2017 Invesco to Buy European ETF Provider Source
Invesco will expand its Exchange Traded Fund (ETF) offerings by acquiring Source from private equity firm Warburg Pincus and a group of banks. The transaction includes assets under administration (AUM) with Source of $18 billion (US) and $7 billion (US) of externally managed AUM.
March 28, 2017 – Mackenzie Announces Preferred Pricing Service
Mackenzie has implemented automatic pricing enrollment for preferred pricing in their Private Wealth Series when investors reach qualifying dollar amounts as follows:
- Initial investment of $100,000 per fund, per account,
- Fund minimum waived at $250,000 household assets (investors living at the same address)
Funds must be Series PW, PWX, PWF or PWFB.
March 7, 2017 – Sentry Announces Two New Senior Portfolio Managers
Sentry Investments welcomed Lieh Wang, Vice-President and Senior Portfolio Manager to strengthen the firm’s North American equity capabilities and Paul Johnson, Vice-President and Senior Portfolio Manger, to head up the global equity team.
Sentry has been making a number of shifts in their team to strengthen their capabilities and breadth of knowledge. Click here for the full press release.
December 5, 2016 – Industrial Alliance Enters into Agreement to Acquire HollisWealth from Scotiabank
Industrial Alliance Insurance and Financial Services Inc. (“Industrial Alliance” or “iA Financial Group”) (TSX: IAG) and The Bank of Nova Scotia (“Scotiabank”) (TSX: BNS, NYSE: BNS) today announced that they have reached an agreement for Industrial Alliance to acquire HollisWealth, a leading Canadian financial network, from Scotiabank. Subject to regulatory approvals the acquisition is expected close in the third calendar quarter of 2017.
Industrial Alliance has completed 25 acquisitions in wealth management since the year 2000 and today has assets under administration (AUA) of more than $40 billion. With the addition of HollisWealth, combined AUA will be $75 billion.
October 17, 2016 – Mackenzie Financial Corp. Adds 4 Corporate Class Mutual Funds
Although government changes to the tax treatment of Corporate Class mutual funds have reduced their benefit, they still provide some tax benefit. Read the Fraser & Partners blog on Corporate Class mutual funds for more information.
Mackenzie has added four new corporate class funds as follows:
- Mackenzie Canadian Growth Class
- Mackenzie Canadian Growth Balanced Class
- Mackenzie Ivy Canadian Balanced Class
- Mackenzie Ivy Global Balanced Class
September 2016 – Mackenzie Investments introduces TOBAM’s Maximum Diversification® approach
Mackenzie Financial has entered into an exclusive agreement with a European institutional manager, TOBAM Core Investments, to bring to Canada their patented Maximum Diversification® methodology. This is an investment approach totally driven by quantitative analysis. The objective is to outperform the benchmarks with less risk by increasing diversification. TOBAM founder, Yves Choueifaty, describes their approach as truly neutral, correcting for biases in cap-weighted indexes.
August 22, 2016 – BMO prepares for merging of funds
For investors who hold BMO funds, information will be sent out the week of August 22nd on plans to merge funds pending a vote on or around September 19. The purpose of the merge is to streamline and simplify the product line.
|Terminating Fund||Continuing Fund||Effective Date|
|BMO Canadian Low Volatility ETF Class||BMO Global Low Volatility ETF Class||September 23, 2016|
|BMO Enhanced Equity Income Fund||BMO Dividend Fund||September 23, 2016|
|BMO Canadian Diversified Monthly Income Fund||BMO Diversified Income Portfolio||October 14, 2016|
|BMO Global Monthly Income Fund||BMO Global Diversified Fund||September 23, 2016|
August 19, 2016 – Mackenzie Investments announces changes to portfolio managers
David Arpin, Vice-President and Portfolio Manager (22 years of investment experience) and Dina DeGeer, Senior Vice President and Portfolio Manager (29 years of investment experience), have assumed portfolio management responsibilities for Mackenzie Global Growth Class and Mackenzie US Growth Class. They continue ongoing management of Mackenzie Canadian Growth Fund and Mackenzie Canadian Growth Balanced Fund. As a result of these changes, Ashley Misquitta, Vice-President, will be leaving the firm effective August 19, 2016. In addition, Arpin and DeGeer have assumed management of a portion of Mackenzie Emerging Markets Opportunities Class.
David Arpin and Dina DeGeer follow a conservative growth investing style with a focus on high-quality growth companies that generate a growing stream of free cash flow over time. Emphasis is placed on paying less than the estimated fair market value for companies, using a discounted cash flow method.
August 15, 2016 – Sentry Investments appoints Gaelen Morphet as Chief Investment Officer
Sentry announced that Gaelen Morphet will be replacing Sandy McIntyre as Chief Investment Office. Sandy will remain with Sentry as Vice-Chairman of the Board. Gaelen has been in the investment industry for 32 years. Most recently she was the Senior Vice-President and Cheif Investment Officer at a major Canadian Insurance company.
August 11, 2016 – Changes at Bridgehouse
In conjunction with management fee reductions, Bridgehouse asset managers announced re-designation of some of their funds to consolidate their offerings. The transactions will be made at the beginning of September and will eliminate Series AN and FN for specified funds.
Bridgehouse entered into a new collaboration with Morningstar Associates Inc., a unit of Morningstar Investment Management Group. This brings the number of managers on the Bridgehouse Independent Platform to five: Morningstar Associates Inc., Lazard Asset Management (Canada), Inc., Greystone Managed Investments Inc., Sionna Investment Managers Inc. and Brandes Investment Partners, L.P. Their goal is to take advantage of Morningstar’s proprietary research and investment expertise to provide core investment solutions.
July 27, 2016 – Golden Opportunities Fund highlights the success of Solido Design Automation Inc.
Labour-sponsored investment fund, Global Opportunities, announced that one of the companies held in both their Diversified Class A-share Portfolio and Innovation Class i-share Portfolio will double in size over the next two years. According to the news release, Saskatoon-based Solido Design Automation will grow from 50 to 100 employees and expand from 5,500-square-feet of office space to a new 13,000-square-foot-office. Click here to read the full story.
April 4, 2016 – Sentry to simplify the series offered within their mutual fund line-up
Sentry Investments has extended their preferred pricing to include investments in their series A funds as well as P and PF. The P and PF versions will no longer be necessary.
These changes will not result in a taxable event and no action is required by investors. There will be no impact on the management of the funds.
April 1, 2016 – CI announces portfolio management changes at Harbour and Signature
The co-manager of Signature High Income Fund, Signature High Income Corporate Class, Signature Diversified Yield Fund, Signature Diversified Yield Corporate Class and Signature Diversified Yield II Fund, Ryan Fitzgerald, has been reassigned as lead portfolio manager of Harbour Fund, Harbour Corporate Class, Harbour Global Equity Corporate Class and Harbour Voyageur Corporate Class effective April 1, 2016 – all funds are within the CI family of funds.
March, 2016 – CI Investments makes special payments to investors in selected funds
Due to administrative error, CI Investments is sending out cheques to former and current investors in selected funds. Interest income earned by the funds was not recorded as an asset of the funds. CI will be distributing to investors an amount equal to the accumulated interest income. Investors who are entitled to a refund will be notified by mail and payments will begin arriving in March.
December 14, 2015 – Sentry launches 8% fixed-rate series and makes name changes to 15 funds (11 mandates)
For those seeking a higher fixed distribution amount, Sentry has launched a new 8% fixed-rate fund series (T8 or FT8) for Sentry Growth and Income Fund, and Sentry REIT Fund/Class.
Although the following funds have had name changes, there has been no change to objective, strategies or the way in which they are managed.
December 4, 2015 – Supreme Court of Canada affirms shareholders’ rights
In a case between CIBC v. Green the Shareholder Association for Research & Education (SHARE) intervened. The issue revolved around the rights of investors to pursue legal action for misrepresentation in spite of procedural difficulties related to a 3 year time limit. CIBC argued that investors could not proceed because of the time limit. SHARE successfully argued that shareholders must not be prevented from advancing their claims because of procedural difficulties.
November 25, 2015 – Morningstar introduces new Stewardship Award
This is the first year that Morningstar has given the Stewardship Award. Invesco and Mawer were in the running, but EdgePoint Wealth Management received the honour. This award is based on the alignment of the fund company’s interests with that of the investors – in terms of culture, compensation and co-investment practices, fees and regulatory history.
November 25, 2015 – Invesco Canada announces name change for PowerShares Diversified Yield Fund
Effective November 26, 2015, the name of the Fund changed to PowerShares Monthly Income Fund, in an effort to better reflect their emphasis on monthly income distribution. The investment objective continues to be high income and long term capital growth for investors.
November 19, 2015 – Golden Opportunities continues to keep companies in Saskatchewan
Golden Opportunities is a Saskatchewan based labour-sponsored venture capital fund. They continue to implement their strategy of management buy-outs of successful small to medium sized companies seeking succession planning. Their most recent is an investment in DynaVenture, one of Saskatchewan’s Top 100 companies. If you are interested in the details you can visit the press release here.
November 4, 2015 – Annual Lipper Fund Awards
Thomson Reuters annually recognizes the world’s top performers in the investment industry through the annual Lipper Fund Awards for Excellence. The awards honour funds and fund management firms that have excelled in consistently strong risk-adjusted performance, relative to their peers. In Canada in 2015 the list of award winners included some well known names as well as a few newcomers. Fidelity was recognized as the best overall group in Canada this year.
August 19, 2015 – Manulife Investments caps Manulife Monthly High Income Fund
As of Friday, August 28, 2015 new purchases, supplementary deposits and new pre-authorized chequing (PAC) plans for mutual fund and segregated fund contracts will not be accepted for the following funds:
- Manulife Monthly High Income Fund
- Manulife Monthly High Income Class
- Manulife Canadian Balanced Private Pool
Manulife explains that capping these 3 funds that have grown to $11 billion, allows the management team to continue applying their proven approach.
July 6, 2015 – Change at Sentry Investments
On July 6, 2015 Sentry Investments ended their relationship with Dennis Mitchell who had been Chief Investment Officer (CIO) for Sentry since 2012. Sandy McIntyre who mentored Dennis has stepped back into the role of CIO and heads up Sentry’s Global Equity Team.
February 13, 2015 – New managers for IA Clarington Tactical and Global Tactical Income Funds
On February 13, 2015, IA Clarington announced the intended appointment of three portfolio managers.
- Dan Bastasic, currently managing Strategic Income Fund, will accept responsibility for the IA Clarington Tactical Income Fund.
- Boston based asset management firm Loomis, Sayles & Company, L.P.will be taking over responsibility for the IA Clarington Global Tactical Income Fund.
- Jeff Sujitno, currently managing IA Clarington Floating Rate Income Fund, will become the manager of the IA Clarington Tactical Bond Fund.
The investment strategies will be redefined to align with the new portfolio managers approaches.
February 2, 2015 – Standard Life Canada officially owned by Manulife
Effective January 30, 2015 the Canadian operations of Standard Life plc joined Manulife. The harmonizing of insurance and investment products will be completed gradually.
January 19, 2015 – Proposed mergers for three Franklin Templeton Funds
Investors will be asked to vote on the proposed merger of three Templeton Funds into the following:
- Templeton Canadian Stock Fund into Franklin Bissett Canadian Equity Fund
- Templeton Canadian Stock Corporate Class into Franklin Bissett Canadian Equity Corporate Class
- Templeton Canadian Balanced Fund into Franklin Bissett Canadian Balanced Fund
December 12, 2014 – New Managers appointed to CI Canadian Small/Mid Cap Fund
CI is expanding the management of the CI Canadian Small/Mid Cap Fund to include three teams. Effective January 9, 2005, Picton Mahoney Asset Management will be joined by two experienced small cap equity managers – Joe Jugovic and Ian Cooke of QV Investors Inc. and Ted Whitehead of Manulife Asset Management. This brings diverse investment styles to this small/mid cap fund.
December 3, 2014 – Ranking Companies on Human Rights Performance
On December 3, 2014, at the 3rd Annual UN Forum on Business and Human Rights in Geneva, a group of investors, an NGO, a think tank and an investor research agency announced the launch of the first wide-scale project to rank companies on their human rights performance. A total of 500 of the top global companies from four key sectors – Agriculture, Information and Communication Technologies, Apparel, and Extractives – will initially be researched and ranked.
The development of a transparent, publicly available and credible benchmark, the Corporate Human Rights Benchmark (CHRB), will harness the competitive nature of the markets to drive better human rights performance. More information on this development can be found at
November 20, 2014 – Fidelity Announces New Event Driven Opportunities Fund
This new fund launched November 20, 2014, invests in companies that are involved in corporate actions including: index deletions, index additions, 13D filings, mergers, acquisitions, declaring bankruptcy, emerging from bankruptcy, liquidations, form 4 filings, management changes, corporate restructuring, new management, dividend increases, dividend reductions and share buybacks. The fund explores a wide variety of events to discover opportunities for making above average returns.
November 3, 2014 – Launch of IA Clarington Elite Program
The IA Clarington Elite Program was launched on Monday November 3, 2014. The program offers fee discounts to high net worth investors starting at $100,000 per account. This follows announcements from numerous investment firms regarding pricing programs.
October 8, 2014 – Trimark Canadian Small Companies Fund closed to new investors
Invesco Canada announced that the Trimark Canadian Small Companies Fund closed to new investors as of October 8, 2014. Existing investors can maintain their holdings in the fund and continue to contribute, but no new accounts will the set up.
September 23, 2014 – Sentry Launches Personal Pension Portfolios
Sentry Investments announced the launch of 4 Sentry Personal Pension Portfolios, designed to correspond to different investors needs. These portfolios are being managed in the same way that a large pension plan, such as the Canada Pension Plan, is managed. Assets include a 25% allocation to real assets. For more information refer to the press release.
September 3, 2014 – Standard Life PLC
Standard Life Investments Inc. announced the sale of its Canadian business operations to Manulife. The transaction is expected to close in the first quarter of 2015. Standard Life has been operating in Canada more than 180 years. This is indicative of significant changes in the financial services sector globally. This is no cause for concern for investors who own Standard Life products.
September 4, 2014 – Proposed Acquisition of Frank Russell Company (Russell) by the London Stock Exchange Group (LSEG)
Subject to shareholder and regulatory approvals, the ownership of Russell Investments Canada Limited will be taken over by the LSEG. Russell Investments is known for investment research and highly regarded indices used to benchmark investment performance. It is expected that this will strengthen the Russell brand with a parent company out of the UK.
August 13, 2014 – IA Clarington expands role of QV Investors
IA Clarington recently appointed Calgary based QV Investors Inc. as portfolio sub-advisor of the IA Clarington Global Equity Fund (formerly IA Clarington Global Dividend Fund). This fund is available for purchase in both Canadian and US dollar versions, for use in regular and fee-based accounts, with a choice of tax efficient payout options.
Industry recognized QV Investors takes a disciplined approach in seeking above average risk-adjusted returns from a focused portfolio of 25-40 mid and large-cap companies operating in developed countries around the world.
August 1, 2014 – Re-opening of redemptions from Front Street Energy Growth Fund
As of August 1, 2014 shareholders of the labour-sponsored fund, Front Street Energy Growth Fund Inc. were able to redeem their shares. The remaining portfolio assets have been liquidated. A special meeting of shareholders will be held on September 30, 2014 to vote on the wind-up and dissolution of the venture capital fund. Shareholders who have held their shares for less than 8 years will need to wait until after the meeting on September 30th to redeem their shares in order not to be subject to the clawback of the tax credit. When the Federal government announced their intention to phase out the LSVCC Tax Credit, redemptions from the energy growth fund were suspended.
June 13, 2014 – ‘Fund Facts’ are here…
As of June 13, 2014 if you invested in a mutual fund that you didn’t already own, then you will have noticed that the large and bulky prospectus has been replaced by ‘Fund Facts’. These documents have been specifically designed to give investors key information about a mutual fund, in plain language and in a timely manner. You will find them on the websites of the investment firms.
June 13, 2014 – Sentry joins the ranks of investment firms that have recently announced changes in the cost of their management services.
Investors with a minimum $100,000 can take advantage of enhanced preferred pricing across all Sentry funds, which includes tiered-management-fee discounts. Fee reductions are available at $100,000, $250,000, $500,000, $1,000,000 and beyond. Sentry has also enhanced its corporate class with the addition of Sentry Small/Mid Cap Income Class to strengthen the corporate class line-up and provide more choice. The final enhancement provides customizable distributions where investors can elect to reinvest a portion of distributions and have the remainder paid in cash.
May 14, 2014 – Bridgehouse launches new fund and preferred pricing under their Private Client program.
The newest member of the Bridgehouse funds is the Sionna Opportunities Fund. This fund provides exposure to Sionna’s 20 to 30 best ideas from across Canada.
Bridgehouse also announced the introduction of an exclusive pricing structure. Eligibility for Bridgehouse Private Client is based on a minimum investment on a per-fund basis of $100,000 or a minimum of $250,000 or more per household invested across any Bridgehouse Funds. Clients with accounts greater than $500,000 and $1,000,000 benefit from additional management fee reductions.
March 31, 2014 – Change in Schedule for CI Corporate Class Dividend Payout
In 2013 any dividends payable on a corporate class investment were paid out on October 4. To make it easier for clients and their advisors to plan for taxable investment income, CI changed the dividend payment schedule from October to March. In 2014 many of the corporate class funds were in a position of needing to payout dividends which they did in March. Investors with CI Corporate Class funds will see the transaction posted on their account.
March 19, 2014 – Front Street Performance Fee Refund
Front Street has recently refunded a portion of performance fees that were miscalculated. In November 2008 when Front Street amalgamated two of their corporate class fund families, it changed the basis upon which performance fees were calculated. This refund arises due to a revision in the method for calculation of the fee.
Hedge funds and some mutual funds use this compensation structure. There are pros and cons but one advantage is that the portfolio manager’s compensation is directly linked to outperformance.
December 30, 2013 – Phase-out of LSVCC Tax Credit
Last year in the 2013 budget the Federal Government announced their intention to phase out the Labour Sponsored Venture Capital Corporation (LSVCC) Tax Credit. This creates uncertainty for investors in LSIFs such as Golden Opportunities and Front Street Energy Growth Funds. Golden Opportunities is continuing to accept investments and the tax credit is applicable to contributions made at this time. Front Street Energy Growth has taken a different approach. They have suspended redemptions from the energy growth fund due to the illiquid nature of the private companies in the portfolio. They are evaluating the options.
Link to the Government disclosure here: http://www.fin.gc.ca/n13/13-153-eng.asp
November 25, 2013 – Social Investment Organization (SIO) Renamed
Socially Responsible Investing (SRI) has new leadership and renewed enthusiasm with Deb Abbey as Executive Director of SIO now renamed as the Responsible Investment Association (RIA). For more information www.riacanada.ca
November 20, 2013 – AGF’s Social Values Funds
AGF is planning to roll up the Social Values family of funds. The Clean Environment fund will continue, focussed on 4 key themes – energy and power technologies, water and waste water solutions, waste management and pollution control, and environment health and safety. The portfolio manager remains as Martin Grosskopf.
November 12, 2013 – AGF Manager Changes
Effective November 12, 2013 the following funds are no longer managed by Acuity Investment Management Inc. AGF Investments is assuming responsibility for these portfolios, which will be merged into ongoing AGF funds in May, 2014 pending all required approvals.
- AGF High Income Fund to be merged into AGF Monthly High Income Fund
- AGF High Income Class to be merged into AGF Diversified Income Class
- AGF Conservative Asset Allocation Fund to be merged into AGF Canadian Asset Allocation Fund
- AGF All Cap 30 Canadian Equity Fund to be merged into AGF Canadian Stock Fund
- AGF Social Values Equity Fund to be merged into AGF Global Equity Fund
- AGF Social Values Balanced Fund to be merged into AGF Traditional Income Fund
Highstreet Asset Management has been named the manager of AGF Small Cap Discovery Fund.
November 1, 2013 – Dundee Investment Savings Account Name Change
As of November 1, 2013, Dundee Bank of Canada, owned by Scotiabank, changed its name to “Hollis Canadian Bank”. The name reflects some history regarding the bank’s head office building located at 188 Hollis Street in Halifax, Nova Scotia. This historic building was constructed in 1837.
As part of the name change to Hollis Canadian Bank, several associated products issued by the bank will also be renamed:
- Dundee Investment Savings Account (DYN 500 & 550) renamed to Hollis Investment Savings Account
- Dundee US$ Investment Savings Account (DYN 400 & 450) renamed to Hollis US$ Investment Savings Account
- Dundee Corporate Investment Savings Account (DYN 575) renamed to Hollis Corporate Investment Savings Account
October 24, 2013 – Floating Rate Income Funds
To help protect against the negative impact of rising interest rates a number of investment firms have launched new “floating rate” income funds. These funds invest in short term floating rate loans. In our list of recommended investments we have already been referring to Trimark Floating Rate Income Fund.
October 2013 – Desjardins
Desjardins introduced a new product that combines life insurance and long-term care insurance. “LTC Advance is the first product in Canada to combine the benefits of traditional long-term care coverage with life insurance.”
September 1, 2013 – AGF
AGF Trust has amalgamated with B2B Bank effective September 1, 2013. If you have an RRSP or Investment Loan originally with AGF Trust your statements will now be coming from B2B Bank and also a new loan number has been assigned.
August 26, 2013 – AGF
AGF terminating six funds November 1, 2013 as indicated below. Effective August 26th these funds will no longer be available for purchase.
- AGF Dollar Cost Averaging Fund
- AGF Global Real Estate Equity Fund
- AGF Global Real Estate Equity Class
- Acuity Pooled Growth and Income Fund
- Acuity Pooled Social Values Canadian Equity Fund
- Acuity Pooled EAFE Equity Fund
August 2, 2013 – Manulife
Manulife launched four new mutual funds August 2, 2013. The four new funds are:
- Manulife Global Balanced Fund
- Manulife US Dollar Floating Rate Income Fund
- Manulife Canadian Conservative Balanced Fund
- Manulife Preferred Income Class
July 30, 2013 – CI Investments
CI Investments completed the merger of two funds and fund name changes effective July 30, 2013. The funds are as follows:
[table]Terminating Fund,Continuing Fund Cambridge Canadian Stock Fund,Cambridge Canadian Equity Corporate Class CI Japanese Corporate Class,CI Pacific Corporate Class[/table]
[table]Former Name,New Name Harbour Foreign Equity Corporate Class,Harbour Global Equity Corporate Class Harbour Foreign Growth & Income Corporate Class,Harbour Global Growth & Income Corporate Class Signature Canadian Resource Fund,Signature Global Resource Fund, Signature Canadian Resource Corporate Class,Signature Global Resource Corporate Class Clarica SF CI Signature Canadian Resource Fund,Clarica SF CI Signature Global Resource Fund[/table]
July 26, 2013 – Invesco
Invesco terminated the following PowerShares funds effective July 26, 2013:
- PowerShares Global Clean Energy Class
- PowerShares Global Gold and Precious Metals Class
- PowerShares Global Water Class
- PowerShares Golden Dragon China Class
- PowerShares India Class
- PowerShares QQQ Class
July 8, 2013 – CI Investments
CI Investments launched a new retirement solution: G5/20 Series on July 8, 2013.
May 31, 2013 – Brandes Investments / Bridgehouse Asset Managers
Bridgehouse Asset Managers becomes the new retail trade name for Brandes Investments effective May 31, 2013 as a part of their expanding offerings of three world-class asset managers, which also includes Sionna Investment managers and Lazard Asset Management.