ScotiaFunds has introduced a Premium Class for the Scotia Money Market Fund.

“Scotia Money Market Fund is a low-risk mandate that provides investors with a well diversified portfolio of high quality liquid holdings with a high level of safety and convenience,” said Glen Gowland, managing director and head of ScotiaFunds, in a release.

“Creating Premium Class within the fund allows unitholders with investable assets of greater than $100,000 to benefit from a lower management fee resulting in a higher effective yield.”

Scotia Money Market Fund’s portfolio consists of high-quality, short-term fixed income securities issued by Canadian governments and corporations.

Premium class investors will benefit from a lower management fee set at 30 basis points.

Premium Class units are available with a $100,000 minimum initial investment or $250,000 for RRIF accounts.