Material changes for National Bank funds

Montreal-based National Bank Investments Inc. (NBI) has announced several changes to two of its mutual funds. On March 4, BNY Mellon Asset Management Canada Ltd. will replace National Bank Trust Inc. as portfolio manager of NBI Real Assets Private Portfolio. At the same time, BNY Mellon’s affiliate, Boston Co. Asset Management LLC, will act as subadvisor to the fund. Boston Co. replaces Brookfield Investment Management Inc. and Lazard Asset Management Inc. as subadvisor. NBI Real Assets Private Portfolio’s investment strategy will change to reflect Boston Co.’s investment approach, which focuses on income and growth investing. However, the NBI private portfolio will continue to invest in asset classes previously favoured – namely, infrastructure and real estate, and its investment objective will remain the same. In addition, NBI is seeking unitholder approval to change the investment objective of National Bank Mortgage Fund. The new objective will allow the fund to tactically invest, directly or through investments in securities of other mutual funds, in a portfolio of mainly Canadian bonds and Canadian mortgages. This fund will invest in mortgages either directly or indirectly through investments in mortgage-based securities. A special meeting to vote on this change will be held no later than mid-May 2016. If approved, the fund’s name will be changed to NBI Tactical Mortgage & Income Fund and its management fees on A-class and F-class units will be reduced by 0.3%. For full fee details, visit www.nbc.com.

(fcollie@investmentexecutive.com)