Foresters Asset Management Inc. (FAM) will lower the management fee for Series F imaxx Short Term Bond Fund and imaxx Canadian Bond Fund, effective Jan. 1, 2019, the Toronto-based company announced Wednesday.
FAM will continue to absorb a portion of the funds’ operating expenses in order to lower the management expense ratio (MER), the company say in a news release.
Details on the new management fees and MERs are available in the company’s news release.
Gregory Ross, FAM’s president and CEO, stated: “We are an institutional asset manager that has built enviable and demonstrable track records managing Canadian corporate credit strategies. The recent back up in rates has provided some compelling yields in Canada. Ever mindful of management fees eating into investors’ returns, we’ve taken this step to provide institutional expertise, with institutional pricing, for our advisors and unitholders,” says Gregory Ross, FAM’s president and CEO, in a statement.
The changes to the management fees will be reflected in the updated simplified prospectus and Fund Facts to be released in May 2019, FAM says. The investment objectives of the Funds remain unchanged.