Mississauga, Ont.-based Counsel Portfolio Services Inc. announced several changes to its products on Wednesday, including lower management fees for a select group of products and a more streamlined series offering.
The firm, a subsidiary of IPC Portfolio Services Inc., is lowering management fees on 35 funds, which will be applicable to Series A, B, T, D and DT within those funds. The introduction of this change will eliminate the pricing differences that had previously existed between products that are charged on a fee-for-service basis through Series D, DT, I and IT. This change will be in effect on or about Oct. 29.
The full list of products to which the lower fees apply is available on the firm’s announcement.
Counsel is also eliminating its Series E, EB and ET options and investments into these series will no longer occur as of Oct. 29. Existing investments in Series E will be consolidated into Series A by way of a re-designation of Series E to Series A. Series EB will be re-designated as Series B, and Series ET will be re-designated as Series T. The re-designations will be implemented on or about Nov. 4.
There are certain instances in which Series E investments will not be re-designated but will instead be closed to new purchases. This will affect the following funds:
- Counsel Canadian Dividend
- Counsel Canadian Value
- Counsel Conservative Portfolio
- Counsel Global Real Estate
- Counsel International Growth
- Counsel International Value
- Counsel Managed Yield Portfolio
- Counsel U.S. Value
Lastly, Counsel will reduce the minimum investment amounts to $1,000 for Series I and Series IT, which means that all series within funds offered by prospectus by the firm will be available to investors at the same minimum investment threshold, according to the announcement.
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