Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (IA) announced the launch of the Prestige Series of segregated funds on Monday for clients whose consolidated assets with the company have a market value of $300,000 or higher.
IA also announced that it is offering a significant reduction in the management expense ratio (MER) for these seg funds, which now vary between 0.10% and 0.55%, depending on the fund.
The two new Prestige Series offer investors a wide range of segregated funds that meet all risk profiles. The new series are Classic Series 75/75 Prestige (75 funds) and Series 75/100 Prestige (70 funds). The reduced MER is applied to all funds in the two new series.
Qualification for this reduction in MER is determined on a weekly basis and is applied automatically without any action required by the advisor or the client. When a client qualifies, the reduction is applied to assets held in Classic Series 75/75 or Series 75/100. The company automatically transfers the fund units to the equivalent Prestige Series funds.
“Adding the Prestige Series reaffirms our commitment to offering customized solutions to our clients, particularly to clients who have significant assets with IA. These rigorous investors are seeking growth and prosperity and our solution will help them reach these goals”, says Manon Gauthier, vice president, individual savings and retirement, with IA in a statement.