Toronto-based RBC Global Asset Management Inc. is updating the management fees and asset allocation of its retirement portfolios.

On or about July 1, RBC is reducing the management fees of its retirement portfolios by five to 10 basis points. The portfolios are as follows:

  • RBC Retirement 2020 Portfolio
  • RBC Retirement 2025 Portfolio
  • RBC Retirement (2030 to 2050) Portfolios

RBC GAM also announced changes to the asset mix of the 2050 retirement portfolio. Going forward, the fixed income allocation will be 35%, down from 38%, while the equities allocation will increase to 65% from 62%.

This new allocation reflects RBC’s updated investor assumptions for the portfolio. Specifically, the initial investor age for the portfolio is set at 25 years, down from 30 years, and the expected working years of the investor has increased to 40 from 35.

In addition to these changes, RBC GAM filed a preliminary prospectus to launch new portfolios: RBC Retirement 2055 Portfolio and RBC Retirement 2060 Portfolio.