Toronto-based Goodman & Co. Investment Counsel Ltd. has merged Dynamic World Convertible Debentures Fund and Dynamic Corporate Bond Fund to form Dynamic Advantage Bond Fund. The merger is part of a “major initiative to simplify and enhance Dynamic’s product lineup” by amalgamating small funds with those with similar objectives, Goodman & Co. says. The new fund, to be managed by Dynamic Mutual Funds Ltd.’s Michael McHugh, offers exposure to four bond categories: government, investment-grade corporate (including commercial mortgage-backed securities), real-return and high-yield bonds. As well, the fund may invest up to 10% in floating-rate notes and convertible debentures, Goodman & Co. says. Commissions are 0%-5% on front-end load, 3% for low-load sales and 5% for deferred sales. Trailing commissions are 0.6% for front-end and low-load, or 0.25% for DSC. Management fees are 1.25%. The MER is capped at 1.57% plus GST for two years.



Sarbit cuts MERs

Winnipeg-based Sarbit Asset Management Inc. is reducing the MER on its flagship fund, Sarbit U.S. Equity Trust. A-class shares of the fund now have an MER capped at 2.72%, down from 2.75%. Likewise, F-class shares now have an MER capped at 1.66%, down from 1.68%. Management fees will remain the same. The firm says it will also reduce the MER on Sarbit Total Performance Trust to 0.59% from 0.60%.



Phillips Hager & North rolls out four funds

Vancouver-based Phillips Hager & North Investment Management Ltd. has launched four no-load funds: BonaVista Canadian Equity Value Fund, BonaVista Global Balanced Fund, PH&N
Currency-Hedged U.S. Equity Fund and PH&N Currency-Hedged Overseas Equity Fund. Both BonaVista funds will reflect the value investment style of BonaVista Asset Management Ltd., a wholly owned subsidiary of PH&N since its 2005 acquisition. Whereas the BonaVista funds generally focus on value, the PH&N funds place a greater emphasis on growth, the parent company says. “These [currency-hedged] funds aren’t a response to anything going on in the currency market, but a reflection of the fact that the Canadian market is so concentrated in a few sectors that we really thought it was important for clients to take advantage of opportunities outside Canada,” says Chris Dotson, PH&N’s manager of corporate development and communications. “We don’t want currency to be an obstacle for people when they look outside the Canadian market.” None of the funds have commissions or trailers. Management fees for all the funds are 1%, except for the Overseas Equity fund, which is 1.25%. Minimum investment is $1,000. Minimum account size is $25,000.



AGF Harmony merges RRSP portfolios

Unitholders have approved the mergers of AGF Funds Inc.’s Harmony RRSP portfolios into their corresponding non-RRSP versions. As a result, Harmony RRSP Balanced Portfolio has merged into Harmony Balanced Portfolio; Harmony RRSP Growth Portfolio has merged into Harmony Growth Portfolio; Harmony RRSP Growth Plus Portfolio has merged into Harmony Growth Plus Portfolio; and Harmony RRSP Maximum Growth Portfolio has merged into Harmony Maximum Growth Portfolio.



AIM introduces private pools

Toronto-based AIM Funds Management Inc. has introduced
a new investment product designed to give high net-worth investors access to professionally managed private pools. AIM Trimark Private Pools will provide exposure to 12 separate pools with a minimum aggregate investment of $100,000. They are: Trimark Monthly Income Private Pool, Trimark World Balanced Private Pool, Trimark Canadian Equity Private Pool, AIM Canadian Equity Growth Private Pool, Trimark U.S. Equity Private Pool, Trimark Global Equity Private Pool, Trimark Global Mid-Cap Equity Private Pool, Trimark EAFE Equity Private Pool, AIM EAFE Equity Growth Private Pool, Trimark World Balanced Private Pool Currency-Neutral, Trimark U.S. Equity Private Pool Currency-Neutral and Trimark Global Equity Private Pool Currency-Neutral.
The pools make up part of a corporate class structure, so investors will be able to switch among pools without triggering capital gains taxes. Front-end commissions are 0%-5%, negotiable, with a 1% trailer; deferred sales commissions are 4.9% with a 0.5% trailer; and the commission for low-load sales is 1% with a 1% trailer. The private pools also incorporate the firm’s new “Lower Load 4” purchase option, which reduces the fee schedule to four years. Under this option, sales commissions are 4%, with a 0.5% trailer in Year 1 through Year 4, and a 1% trailer after Year 4. Management fees for A-class shares are 1.85% for investments up to $500,000, or 1.75% for investments of more than $500,000. For F-class shares, fees are 0.85% for the first $500,000 invested and 0.75% for investments of more than $500,000.

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Compiled by Lara Hertel(lhertel@investmentexecutive.com)