Toronto-based Bank of Montreal has added four exchange-traded funds to its wealth-management business. BMO Canadian Government Bond Index ETF has been designed to replicate, to the extent possible, the performance of the Citigroup Canadian government bond index. BMO Dow Jones Canada Titans 60 Index ETF has been designed to replicate, to the extent possible, the performance of the Dow Jones Canada titans 60 index. BMO U.S. Equity Index ETF has been designed to replicate, to the extent possible, the performance of the Dow Jones U.S. large-cap index (hedged in Canadian dollars). BMO Dow Jones DiamondsSM Index ETF has been designed to replicate, to the extent possible, the performance of the Dow Jones industrial average (hedged in C$). As noted, the BMO U.S. Equity Index ETF and the BMO Dow Jones DiamondsSM Index ETF will hedge their exposure to U.S. dollars. The ETFs are offered through Toronto-based Jones Heward Investment Counsel Inc., an operating company within BMO Asset Management, and the trustee and manager of BMO’s ETFs.

TD terminates funds

Toronto-based TD Asset Management Inc. will terminate the operations of three mutual funds. TD Income Trust Capital Yield Fund, TD Private Income Trust Fund and TD Income Trust Pool ceased offering units for purchase on May 29 and will be terminated on or about July 31. The shutdown of the funds is a result of reduced investment opportunities and decreased client demand, in turn resulting from changes to the taxation treatment of income trust securities. Investors may redeem or switch their holdings in the funds for settlement on or prior to the termination date. TD Asset Management will sell each fund’s holdings at fair market value, determine distributions and distribute the net assets to remaining investors. No fees or charges will be applied to investors upon redemption of their units or the termination of the funds.

Norm MacDonald takes lead

Toronto-based Invesco Trimark Ltd. has appointed Norman MacDonald as lead portfolio manager for Trimark Canadian Resources Fund. MacDonald has been co-portfolio manager on the fund since joining Invesco Trimark in late 2008. Rory Ronan, who has been the lead portfolio manager on the fund since 2001, will focus on his lead portfolio management responsibilities for Trimark Diversified Income Class Fund, Trimark Monthly Income Private Pool and Trimark Canadian Plus Dividend Class Fund, as well as his co-portfolio management responsibilities for Trimark Income Growth Fund. MacDonald has more than 13 years of investment experience in resources and previously held positions with the Ontario Teachers’ Pension Plan Board, Beutel Goodman Co. Ltd. and Salida Capital Corp. MacDonald worked as a portfolio manager at Salida Capital from 2005 to 2008 and was lead manager of an energy fund that invested in both Canadian and international companies. The investment objectives and strategies of Trimark Canadian Resources Fund will remain the same.

Middlefield launches fund

Toronto-based Middlefield Fund Management Ltd. has added Middlefield Global Agriculture Class Fund to its class family of funds. The fund will seek to provide long-term growth of capital, with investments being primarily in equity securities of issuers operating in the agricultural sector. Robert Lauzon, managing director, trading, with Middlefield Capital Corp., will manage the fund. Advisor commissions for front-end sales are 0%-5%, and 5% for deferred sales. Redemption fees begin at 6% in Year 1 and end at zero after Year 6 for the regular DSC schedule. Trailing commissions are 1% for front-end sales and 0.25% for the deferred sales. Management fees are 2% for A-class units. Minimum investment is $1,000.

Changes at ScotiaMcLeod

Toronto-based ScotiaMcLeod Inc. has announced portfolio advisor changes for two of its funds. Toronto-based Gryphon Investment Counsel will become portfolio advisor for Pinnacle Strategic Balanced Fund, replacing Toronto-based Connor Clark & Lunn Investment Management Ltd. on Aug. 5. Gryphon manages more than $4.5 billion in assets and offers investment-management services for balanced, fixed-income and equities mandates. Toronto-based MFC Global Investment Management, a division of Manulife Financial Corp., will become portfolio advisor for Pinnacle Canadian Growth Equity Fund, replacing Toronto-based Aurion Capital Management Inc. on Sept. 5. MFC Global manages approximately $287 billion in assets and provides comprehensive asset-management solutions for institutional inves-tors, investment funds and individuals in key markets around the world. The Pinnacle Program is a managed-asset program offered exclusively through ScotiaMcLeod, a division of Scotia Capital Inc. and a member of the Scotiabank Group.

@page_break@Compiled by Clare O’Hara (cohara@investmentexecutive.com).