Toronto-based Northwest & Ethical Investments L.P. (NEI) has announced that unitholders have approved changes to two NEI funds.

Changes to NEI Balanced RS Fund

The NEI Balanced RS Fund is being rebranded as the NEI Global Sustainable Balanced Fund.

It will move from investing in a mix of Canadian and U.S. securities to focusing on “a globally diversified portfolio of equity and fixed income securities which fit within the fund’s definition of responsible investing,” according to a release.

The fund will be sub-advised by Impax Asset Management, replacing Guardian Capital LP and QV Investors Inc. Its benchmark indexes are also changing, and its investment strategies will be updated to fulfill its new investment objectives.

Changes to NEI Jantzi Social Index Fund

The NEI Jantzi Social Index Fund is being rebranded the NEI ESG Canadian Enhanced Index Fund.

It will move from investing in equity and equity-related securities of companies in Canada to “tracking the performance of a Canadian equity index which is focused on companies with an enhanced environmental, social and governance profile,” the release said.

The fund’s benchmark index will change from the S&P/TSX 60 TR to the Solactive Canada Broad Market Index. Its investment strategies will be updated to fulfill its new investment objectives.

Changes coming in April

The changes outlined above will take effect on or about April 6, according to the release. Management fees have been reduced for multiple series of both funds. For further details, see NEI’s release.

NEI has also announced that the benchmark index for the NEI Tactical Yield Portfolio will change from the Russell 3000 Value TR Index (hedged to CAD) to the Russell 3000 Value TR Index (CAD) on or about Jan. 28.