Toronto-based Manulife Mutual Funds Friday announced its decision to cap all new purchases, other than contributions made under existing pre-authorized chequing and dollar cost averaging plans, for three funds effective March 28.
All series of Manulife Canadian Investment Fund/Class, Manulife Canadian Balanced Fund and Manulife Diversified Investment Fund will be capped including those series used in segregated fund contracts.
The decision to cap each of the funds to new purchases comes as a result of Calgary-based Mawer Investment Management Ltd., the sub-advisor to the funds, having reached capacity limits for investments into its Canadian equity strategy.
“We recognize that the Canadian equity market is relatively small by global standards and understand the decision by Mawer to cap further contributions to their Canadian equity strategy,” said Jeff Ray, assistant vice president, mutual funds and structured Products.
“We are pleased to continue to offer our investors access to the successful Mawer investment approach through Manulife Mutual Funds in other asset classes including, Manulife U.S. Equity Fund, Manulife World Investment Class, Manulife Global Equity Class, Manulife Global Small Cap Fund, and Manulife Canadian Bond Fund,” added Ray.