Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

2443

Canada’s National Bank Securities announces rationalisation of fund line-up

RELATED TOPICS​

Montreal-based National Bank Securities has announced the convening of special security-holder meetings to obtain approval for changes to a number of its funds.

Montreal-based National Bank Securities has announced the convening of special security-holder meetings to obtain approval for changes to a number of its funds.

These changes aim to simplify its mutual fund line-up, while also delivering benefits for both investors and the financial advisers who distribute National Bank Securities’ funds.

Simplification of the line-up will result from merging 29 National Bank and Altamira funds that have similar investment objectives. Further, the investment objectives for three funds will be modified to give their portfolio managers more flexibility and potential for greater returns.

Finally, 15 funds will also be renamed to better reflect their investment objectives and brand attributes.

"This is the final phase of the process of integrating Altamira into National Bank Securities, a process that began last November", says Charles Guay, president and chief executive officer of National Bank Securities.

Once these changes are complete, National Bank Securities will have four fund families, each with its own characteristics, distinct features and advantages: National Bank Mutual Funds – core funds managed by Natcan Investment Management; Altamira Funds – specialised funds managed by Natcan Investment Management; Omega Funds – funds for which the portfolio management is conducted by external firms; and Meritage Portfolios – investment portfolios comprised of 100 per cent third-party funds.

National Bank Securities is also taking this opportunity to slightly reposition the branding of its funds, in order to render its product line-up more intuitive.

At the special meetings, scheduled for 4 to 11 June 2009, security-holders of the relevant funds will consider various matters, including: changing the fundamental investment objectives of National Bank/Fidelity True North Fund (which will be renamed "Omega Canadian Equity Fund") and of National Bank/Fidelity Global Fund (which will be renamed "Omega Global Equity Fund") to move from a fund of fund structure to a regular structure; changing the fundamental investment objective of Altamira US Larger Company Fund (which will be renamed "Altamira US Equity Fund") to broaden its mandate in order to allow investments in securities of American companies of all capitalizations; the modernization of the declarations of trust of National Bank/Fidelity True North Fund, National Bank/Fidelity Global Fund, Altamira US Larger Company Fund and Altamira Income Fund; and various fund mergers.

The management fees of National Bank American Index Fund and of National Bank International Index Fund will be reduced to 0.45 per cent in order to be aligned with the Altamira Index Funds.

Subject to regulatory and security-holder approval and to the positive recommendation of the independent review committee, the proposed changes will take effect on or about 12 June 2009.

Latest News

Global index revenues increased 9.3 per cent in 2023, totalling a record USD5.8 billion, according..
Octopus Investments (Octopus) has announced it has launched a Natural Capital Strategy...
Research firm focused on Alternative UCITS funds, Kepler Absolute Hedge, has published its Market Intelligence..

Related Articles

Trends
The trend to buyout among the UK’s smaller defined benefit (DB) schemes continues with a slew of new sub GBP100 million deals announced this month alone...
The trend to buyout among the UK’s smaller defined benefit (DB) schemes continues with a slew of new sub GBP100..
Different flavours
In what is believed to be the first survey of its kind in the UK market, Nedgroup Investments, the investment-led, multi-boutique global asset manager with over USD20 billion under management, recently undertook a survey with 204 UK investment professionals, seeking insights into their perceptions and attitudes towards boutique asset managers...
In what is believed to be the first survey of its kind in the UK market, Nedgroup Investments, the investment-led,..
UK map
UK local government pension schemes (LGPS) are leading the charge on investment in private markets issuing tenders set to be worth billions of pounds in the coming years...
UK local government pension schemes (LGPS) are leading the charge on investment in private markets issuing tenders set to be..
The trend of private equity firms acquiring businesses in the professional services sector continues with CVC Capital Partners eyeing a possible buyout of EY’s Italian consulting branch...
The trend of private equity firms acquiring businesses in the professional services sector continues with CVC Capital Partners eyeing a..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by