Montreal-based National Bank Investments Inc. (NBI) on Wednesday announced a change of portfolio managers and various related changes to the NBI Real Assets Private Portfolio.
As of or around March 4, BNY Mellon Asset Management Canada Ltd. will replace National Bank Trust Inc. as portfolio manager to the NBI Real Assets Private Portfolio. As of the same date, BNY Mellon will retain its affiliate, The Boston Company Asset Management, LLC, as sub-advisor to this fund, replacing Brookfield Investment Management Inc. and Lazard Asset Management Inc.
The investment strategies of the NBI Real Assets Private Portfolio will be modified in order to reflect the investment approach of Boston Company, which focuses on a combination of income and growth investing. The fund will continue to invest in similar asset classes, in industry sectors associated with real assets such as infrastructure and real estate. The investment objective of the fund remains unchanged.
NBI also announced a proposal to change the investment objective of National Bank Mortgage Fund, which would require the approval of unitholders.
The proposed change aims to allow the fund to tactically invest, directly or through investments in securities of other mutual funds, in a portfolio comprised primarily of Canadian bonds and Canadian mortgages (directly or through investments in mortgage-backed securities).
If the unitholders approve this change, the fund will be renamed NBI Tactical Mortgage & Income Fund and the management fees will be reduced by 0.30% on Investor, Advisor and F Series.