NEI Investments said Wednesday it has introduced several enhancements to its mutual fund lineup, aimed at addressing the evolving needs of advisors and their clients.
All enhancements are effective immediately, except where otherwise noted.
To address the needs of income seeking investors, NEI Investments has introduced a Series T version of NEI Global Total Return Bond Fund. The fund will seek to pay a fixed monthly distribution, consisting of income and/or return of capital based on an initial target annualized payout of 4%. The target payout will be reviewed each year in order to confirm the appropriateness of the distribution policy based on prevailing market conditions as well as the outlook for the economy and capital markets.
Further building out their lineup of portfolio solutions available for fee-based accounts, NEI Investments has introduced a Series F version of NEI Ethical Select Income Portfolio. The fund will seek to pay a fixed monthly distribution, consisting of income and/or return of capital based on an initial target annualized payout of 3%, which will be reviewed annually to ensure that it remains appropriate based on prevailing market conditions and the outlook for the economy and capital markets.
In an ongoing effort to identify opportunities to reduce fees wherever possible, NEI has reduced management fees for NEI Northwest U.S. Dividend Fund and NEI Northwest U.S. Dividend Corporate Class by 10 basis points.
As part of its commitment to delivering innovative solutions that feature flexible pricing options for different types of investors, NEI Investments announced the introduction of premium pricing options on the following mandates: the NEI Ethical Global Dividend Fund, the NEI Global Total Return Bond Fund, the NEI Northwest Macro Canadian Asset Allocation Fund, the NEI Northwest Tactical Yield Fund, and the NEI Northwest U.S. Dividend Fund.
In September 2014 NEI Investments will be reopening NEI Northwest Tactical Yield Corporate Class. The fund had previously been temporarily closed since April 12, 2013 to address the implications of the Federal Government’s elimination of tax benefits associated with character conversion transactions. As part of the reopening, the fund will change its investment objectives such that it will invest substantially all of its assets directly in units of the underlying NEI Northwest Tactical Yield Fund, a fund-of-funds. The investment objective changes will be effective September 23, and the fund will reopen for new purchases on or around September 29.
NEI Investments is owned 50% by the Provincial Credit Union Centrals and 50% by Desjardins Group. It has offices in Toronto, Vancouver and Montreal.