Toronto-based HSBC Investment Funds (Canada) Inc. has launched a new climate-change fund that will invest in companies that are responding to climate-change issues and exhibit attractive investment characteristics. HSBC Global Climate Change Fund will provide clients with long-term capital growth from equity securities issued in markets around the world by companies positioned to benefit from developing climate-change solutions; it is the first climate-change fund in Canada to use an active quantitative investment approach. The fund is managed by HSBC Investment Funds and subadvised by Sinopia Asset Management SA. Advisor commissions for front-end sales are 0%-5%, 4.9% for deferred sales and 1% for the low-load option. Redemption fees begin at 6% in Year 1 and end at zero after Year 6 for the regular DSC schedule, or begin at 2% in Year 1 and end at zero after Year 3 of the low-load schedule. Trailing commissions are 1% for front-end sales and the low-load option, and 0.5% for deferred sales. Management fees are 2.25% for A-class units. Minimum investment is $500.
Investors Group metal fund now available
Winnipeg-based Investors Group Inc. has made two funds newly available in Canada. IG Putnam U.S. High-Yield Income Fund and IG Mackenzie Global Precious Metals Class are now available to Canadians after receiving the necessary regulatory approvals. IG Putnam U.S. High-Yield Income Fund aims to provide a high level of current income and the potential for moderate capital appreciation by investing primarily in U.S.-based high-yielding investments. IG Mackenzie Global Precious Metals Class aims to provide long-term capital growth by investing primarily in equity securities of companies from around the world in the precious metals sector. The fund may also invest directly or indirectly in certain precious metals. Advisor commissions for deferred sales are 0%-4.1%. There are no sales commissions paid for purchases under the no-load purchase option. Redemption fees begin at 5.5% in Year 1 and end at zero after Year 7 for the deferred sales option. Trailing commissions are up to 0.35% payable monthly for the no-load purchase option, with an additional annual trailing commission of up to 0.38% for purchases under either the DSC or no-load purchase options. Management fees for IG Putnam U.S. High-Yield Income Fund are 1.95%, and are 2% for IG Mackenzie Global Precious Metals Class. Minimum investment is $500 once a client has $15,000 in total household investments with Investors Group.
Keystone fund mergers
Toronto-based Mackenzie Finaical Corp. has consolidated two funds into other portfolios that have similar objectives and strategies. Keystone Global Equity Fund (formerly Keystone AIM Trimark Global Equity Fund) has been merged into Mackenzie Universal Global Growth Class. Keystone Diversified Income Portfolio Fund has been merged into Keystone Conservative Portfolio Fund.
Invesco reopens three funds
Toronto-based Invesco Trimark Ltd. has reopened Trimark Global Endeavour Fund, Trimark Global Endeavour Class and Trimark Global Mid-Cap Equity Private Pool to new investors. The funds invest primarily in medium-sized, industry-leading global companies. Invesco Trimark had closed the funds to new investors on July 13, 2007, after it found medium-sized companies were trading at a premium to large-cap companies, which, when combined with the funds’ growing size, made it more difficult for the portfolio managers to find new investment ideas at attractive prices. The investment team reopened the funds because of increased availability of high-quality, medium-sized companies trading at attractive discounts to their estimated intrinsic values, says the company. Advisor commissions for front-end sales are 0%-5%, 4.9% for deferred sales, 1% for low-load option and 0%-4.5% for the lower-load 4 option. Redemption fees begin at 6% in Year 1 and end at zero after Year 6 for the regular DSC schedule, begin at 2% in Year 1 and end at zero after Year 2 for the low-load option and begin at 4.5% in Year 1 and end at zero after Year 4 for the lower-load 4 option. Trailing commissions are 1% for front-end sales and the low-load option, and 0.5% for deferred sales and the lower-load 4 option. Management fees are 2% for A-class units and 1% for F-class units. Minimum investment is $500.
CIBC appoints new subadvisor
Toronto-based CIBC Asset Management has appointed Boston-based Federated MDTA LLC, a Federated Advisory Co., as portfolio subadvisor on CIBC U.S. Small Companies Fund, replacing Wellington Management Co. LLP. The change is effective Sept. 1. Federated MDTA’s small-cap core investment strategy is based on a quantitative approach that selects securities from a universe of smaller, emerging, primarily U.S. stocks within the Russell 2000 index. Federated MDTA is a quantitative investment-management firm founded in 1988; it is owned by Federated Investors Inc.
@page_break@Compiled by Clare O’Hara (cohara@investmentexecutive.com).