Toronto-based Scotia Asset Management L.P. (Scotia AM) Wednesday announced the launch of six new mutual funds, including four new core mandates to Scotia Corporate Class Funds and two new mutual fund trusts to ScotiaFunds.
“When we launched the Scotia Corporate Class Fund structure in May 2012, we took a unique approach by offering a small number of core products,” says Neil Macdonald, CEO, Scotia AM. “We have realized tremendous initial momentum with over $400 million in assets to date and are carefully building on the early success of this tax smart solution with the launch of four asset class bundles.”
Scotia Corporate Blend Class Funds
The four new bundles are Scotia Fixed Income Blend Class, Scotia Canadian Equity Blend Class, Scotia U.S. Equity Blend Class and Scotia International Equity Blend Class. These new funds provide shareholders of Scotia Corporate Class Inc., the mutual fund corporation offering the Scotia Corporate Class Funds, with more choice for non-registered assets and add further depth and breadth to the corporation. Each new fund is comprised of a diversified mix of mutual funds from a single asset class using ScotiaFunds, Dynamic Funds, Scotia Private Pools and CI Investments.
“These new tax-efficient options combine the complementary portfolio management expertise of some of Canada’s leading investment organizations into four bundles within a single corporate class structure,” explains Macdonald.
Scotia Selected Income Portfolio & Scotia U.S. Dividend Fund
“In addition to the focus on tax-efficient returns, Canadian investors are embracing more conservative investment solutions that offer the opportunity for capital appreciation and income potential with less downside risk,” adds Macdonald. “Scotia Selected Income Portfolio and Scotia U.S. Dividend Fund, the two new mutual fund trusts launched today, are the latest additions to an already strong base of core ScotiaFund investment solutions.”
Scotia Selected Income Portfolio expands on the success of Scotia Selected Portfolios, which has combined assets under management exceeding $2.1 billion. Scotia Selected Portfolios strategically combine the best of ScotiaFunds, Dynamic Funds and CI Investments, into portfolio combinations. The new income-focused mandate targets a 75% allocation to income-yielding investments, which includes allocations to corporate and high yield bonds, real estate and infrastructure investments.
A U.S.-focused take on the successful Scotia Canadian Dividend Fund, Scotia U.S. Dividend Fund is managed by Alan Radlo, portfolio manager and chief investment officer of Toronto-based CI Global Investments Inc. Radlo has 28 years of experience in the investment industry and a successful track record in managing U.S. equity portfolios.