Calgary-based Canoe Financial LP says securityholders in nine of its funds have approved a proposal to establish a fixed rate administration fee, effective Jan. 1, 2014.

The administration fee replaces most operating expenses incurred by the funds except costs such as applicable taxes, interest and borrowing costs, directors and trustee fees, Independent Review Committee (IRC) costs, the costs of complying with any new regulatory requirements or with any material change to existing regulatory requirements and fees and expenses for certain types of securityholder meetings.

Canoe Financial may, in some years and in certain cases, pay a portion of a fund’s administration fee or fund costs.

Securityholders in the funds also voted in favor of the resolution to amend the redemption rights of these funds to give Canoe Financial broader authority to redeem investors from the funds where the holding of securities by an investor is, in Canoe Financial’s reasonable opinion, detrimental to the fund, or in connection with a reorganization or winding-up of the fund or otherwise. This change takes effect immediately.

The funds subject these changes are: Canoe Bond Advantage Class; Canoe Enhanced Income Class; Canoe Canadian Monthly Income Class; Canoe Canadian Asset Allocation Class; Canoe North American Monthly Income Class; Canoe Equity Income Class; Canoe Energy Income Class; Canoe Equity Class; and Canoe Energy Class.

Canoe Financial currently manages approximately $2 billion in assets.