Subject: ACC
Scotia Global Asset Management Announces Fund Changes
TORONTO, Nov. 5, 2019 /CNW/ - Scotia Global Asset Managementtm 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 | 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
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