Toronto-based GCIC Ltd. said Wednesday that securityholders have voted in favour of its proposal to replace the majority of operating expenses with a fixed administration fee for the Dynamic Funds and Marquis Investment Program Portfolios. The change to fixed administration fees will be effective September 1.
Until June 30, 2015, the funds may pay an adjustment payment to GCICL in the event there is a significant drop in assets.
Securityholders also approved proposals to modify the language in the investment objectives of certain funds, to change the performance fee index for Dynamic Strategic Energy Class and to increase the number of classes that are authorized to be issued by Dynamic Global Fund Corporation and Dynamic Managed Portfolios Ltd.
The proposal to establish a fixed administration fee in respect of Dynamic Power Global Growth Fund was withdrawn at the meeting. The series of that fund will continue to bear its own operating expenses.
GCIC Ltd. is a subsidiary of DundeeWealth Inc. and the manager of the Dynamic Funds and the Marquis Investment Program. DundeeWealth is a wholly owned subsidiary of Scotiabank.