MONTREAL, May 10, 2017 /CNW Telbec/ - National Bank
Investments Inc. ("NBI") announces the results of the proposals
voted upon at the special meetings of securityholders of certain
NBI Funds held today (the "Meetings"). These proposals stem from a
series of initiatives that seek to ensure a more streamlined NBI
Fund line-up to provide investors with a comprehensive, more
clearly defined range of investment products.
During the Meetings, securityholders of 22 NBI Funds
approved the following fund mergers:
Fund mergers to occur on or about May 12,
2017
Fund
Mergers Each terminating fund shall merge into the
corresponding continuing fund.
|
Terminating
Funds
|
Continuing
Funds
|
NBI Health Sciences
Fund
|
NBI Global Equity
Fund
|
NBI Energy
Fund
|
NBI Resource
Fund
|
NBI U.S. Growth &
Income Private Portfolio
|
NBI U.S. High
Conviction Equity Private Portfolio
|
NBI Currency-Hedged
U.S. High Conviction Equity Private Portfolio
|
NBI Currency-Hedged
International High Conviction Equity Private Portfolio
|
NBI International
High Conviction Equity Private Portfolio
|
Fund mergers to occur on or about May 19,
2017
Fund
Mergers Each terminating fund shall merge into the
corresponding continuing fund.
|
Terminating
Funds
|
Continuing
Funds
|
NBI Long Term
Bond Fund
|
NBI Bond
Fund
|
NBI U.S.
$ Global Tactical Bond Fund
|
NBI Global
Tactical Bond Fund
|
NBI Monthly Secure
Income Fund
|
NBI Secure
Portfolio*
|
NBI Monthly
Conservative Income Fund
|
NBI Conservative
Portfolio*
|
NBI Monthly Moderate
Income Fund
|
NBI Moderate
Portfolio*
|
NBI Monthly Balanced
Income Fund
|
NBI Balanced
Portfolio*
|
NBI Monthly Growth
Income Fund
|
NBI Growth
Portfolio*
|
NBI Asset Allocation
Fund
|
NBI Monthly Equity
Income Fund
|
NBI Equity
Portfolio*
|
National
Bank Dividend Income Fund Inc.
|
NBI Dividend
Fund
|
NBI High Dividend
Fund
|
NBI Canadian Equity
Fund
|
National
Bank AltaFund Investment Corp.
|
NBI Canadian
Equity Growth Fund
|
NBI Westwood Global
Dividend Fund
|
NBI Global Equity
Fund
|
NBI Westwood Global
Equity Fund
|
NBI European Equity
Fund
|
NBI Asia Pacific
Fund
|
NBI Global Small Cap
Fund
|
* Funds to be created
on or about May 12, 2017
|
During the Meetings, securityholders of NBI Japanese Equity Fund
voted against the fund merger proposal into NBI Global Equity Fund.
Consequently, as previously announced, NBI Japanese Equity Fund
will be terminated on or about June 12,
2017. Pre-established systematic investment plans in respect
of this fund are terminated effective immediately.
Furthermore, NBI has postponed indefinitely the securityholder
meetings of each of NBI Precious Metals Fund (in connection with
the proposed fund merger of NBI Precious Metals Fund into
NBI Resource Fund) and NBI Science and Technology Fund (in
connection with the proposed fund merger of NBI Science and
Technology Fund into NBI Global Equity Fund). As a consequence,
these fund mergers will not proceed as proposed. NBI Precious
Metals Fund and NBI Science and Technology Fund are reopened to new
subscriptions effective immediately.
No new subscriptions for National Bank
Diversified Funds, National Bank Strategic
Portfolios and National Bank Managed
Portfolios
By no later than July 1,
2017, National Bank Diversified Funds, as well as the
National Bank Strategic Portfolios program and the National Bank
Managed Portfolios programs will be closed to new subscriptions
other than purchases through pre-established systematic investment
and distribution reinvestment plans or switches from one series to
another within the fund and/or portfolio.
Risk rating changes
NBI also announces a change in the
risk ratings of certain NBI Funds:
- The level of risk attributed to NBI Global Tactical Bond Fund
has been lowered from "low to medium" to "low".
- The level of risk attributed to NBI Unconstrained Fixed Income
Fund has been lowered from "low to medium" to "low",
- The level of risk attributed to NBI Science and Technology Fund
has been lowered from "high" to "medium to high".
- The level of risk attributed to NBI U.S. Bond Private Portfolio
has been lowered from "low to medium" to "low".
- The level of risk attributed to NBI Multiple Asset Class
Private Portfolio has been lowered from "medium" to "medium to
low".
These changes follow the introduction of a new methodology to
classify funds' risks by the Canadian Securities Administrators. No
changes have been made to the investment objectives, strategies or
management of these funds.
Lower management fees and trailing commissions for certain
NBI Private Portfolios
In addition, the management fees
(effective June 1, 2017) and trailing
commissions (effective May 12, 2017)
of the Advisor Series of certain NBI Private Portfolios will be
reduced as indicated in the table below.
Portfolio
|
Current
Management Fees
Advisor Series*
|
New Management
Fees
Advisor Series
|
Current
Trailers**
|
New
Trailers
|
NBI Multiple Asset
Class Private Portfolio
|
1.35*
|
1.32
|
1.10**
|
1.00
|
NBI North-American
Dividend Private Portfolio
|
1.60*
|
1.45
|
1.25**
|
1.00
|
NBI Equity Income
Private Portfolio
|
1.60*
|
1.45
|
1.25**
|
1.00
|
NBI Canadian Equity
Private Portfolio
|
1.60*
|
1.45
|
1.25**
|
1.00
|
NBI Canadian High
Conviction Equity Private Portfolio
|
1.60*
|
1.45
|
1.25**
|
1.00
|
NBI U.S. Equity
Private Portfolio
|
1.60*
|
1.45
|
1.25**
|
1.00
|
NBI U.S. High
Conviction Equity Private Portfolio
|
1.60*
|
1.45
|
1.25**
|
1.00
|
NBI International
High Conviction Equity Private Portfolio
|
1.60*
|
1.45
|
1.25**
|
1.00
|
* Effective
until June 1, 2017
** Effective until May 12, 2017
|
These changes will be reflected in the simplified prospectus for
the NBI Funds, which will be available at www.sedar.com and
www.nbc.ca.
About NBI Funds
NBI Funds (the "Funds") are
offered by National Bank Investments Inc., a wholly owned
subsidiary of National Bank of Canada. Commissions, trailing commissions,
management fees and expenses all may be associated with investments
in the Funds. Please read the prospectus of the Funds before
investing. The Funds' securities are not insured by the Canada
Deposit Insurance Corporation or by any other government deposit
insurer. The Funds are not guaranteed, their values change
frequently and past performance may not be repeated.
About National Bank Investments
Inc.
National Bank Investments ("NBI") is an
investment fund management firm committed to manufacturing and
distributing mutual funds, investment solutions and services
designed to help Canadian investors pursue their financial goals.
As at December 31, 2016, the value of assets under management
in NBI products amounted to $32.2 billion.
Guided by a 100% open architecture structure, NBI is
dedicated to providing diverse solutions to meet the evolving needs
of its clients. NBI consistently strives to be recognized as a key
partner by combining innovation and excellence. NBI's role is not
limited to administrative aspects of management; NBI Advisory
Services and its registered representatives form a team of
specialists who provide information and advice to help advisors
build portfolios adapted to their clients' financial needs.
About National Bank of Canada
With $234 billion in
assets as at January 31, 2017,
National Bank of Canada, together
with its subsidiaries, forms one of Canada's leading integrated financial groups.
The Bank has more than 21,000 employees and is widely recognized as
a top employer. The Bank's securities are listed on the
Toronto Stock Exchange (TSX: NA). Follow the Bank's activities
at nbc.ca or via social media such as Facebook, LinkedIn and
Twitter.
SOURCE National Bank of Canada