Taking their cue from the elimination of the foreign-content rule, a number of fund firms are winding up clone funds: TD Asset Management Inc. will close seven funds effective Oct. 31, 2005; the Federation des caisses Desjardins du Quebec will close three RRSP clone funds on Aug. 12 and another three on Aug. 19. AGF Management Ltd. will eliminate its RRSP clone funds and RRSP pools in the Harmony wrap program effective Aug. 12; CI Funds Inc. will close 36 RRSP-eligible foreign funds effective Aug. 2. CI also plans to merge four RRSP portfolios into their corresponding portfolios, and switch the underlying funds of six RRSP funds in the CI Guaranteed Investment Fund program to equivalent foreign funds. Assante Asset Management Ltd. will merge three Artisan RRSP-eligible foreign portfolios into equivalent non-RRSP portfolios, effective immediately. Northwest Mutual Funds Inc. has closed Northwest RRSP Foreign Equity Fund. On Aug. 2, Altamira Investment Services Inc. will close three RRSP funds. In all cases, investors will become direct unitholders of the corresponding underlying funds. Scotia Securities Inc. and ScotiaMcLeod Inc. have cut expenses on mutual fund and Pinnacle Program RRSP clone funds in response to cancellation of foreign contracts. The changes affect 14 funds, effective immediately.
Firms wind up clone funds
- By: Lara Hertel
- August 4, 2005 June 1, 2019
- 10:36