Winnipeg-based Investors Group Inc. has launched Investors Fixed Income Flex Portfolio, which aims to provide clients with current income by investing primarily in underlying funds that buy fixed-income securities, including: Investors Premium Money Market Fund, Investors Mortgage and Short Term Income Fund, Investors Canadian Bond Fund, Investors Canadian High Yield Income Fund, I.G. U.S. Putnam High Yield Income Fund and Investors Real Property Fund. The new portfolio will be managed by Winnipeg-based I.G. Investment Management Ltd. and will provide flexibility for the portfolio advisor to vary the allocation among the underlying funds over time as the interest rate and credit environments evolve. Advisor commissions are 3.2%-4.1% for the deferred sales option. There are no front-end or low-load options. Redemption fees begin at 5.5% within the first two years and end at zero after Year 7. Trailing commissions are 0.12%-0.18%. The management fee for this fund is based on fees charged by the underlying funds and there is no minimum investment to open an account in the new portfolio — with the exceptions of RRIFs or similar registered plans, for which there is a $5,000 minimum.

Name changes for two O’Leary funds

Montreal-based O’Leary Funds Management LP has renamed two funds: O’Leary Strategic Yield Class has been renamed O’Leary Strategic Yield Advantaged Class; and O’Leary Founder’s Series Income & Growth Fund is now O’Leary Strategic Yield Plus Fund. Both portfolios are managed by Montreal-based Stanton Asset Management Inc. There are changes to fees on both funds, and both funds continue to pay monthly distributions. O’Leary Strategic Yield Advantaged Class targets a tax-advantaged annual yield of 6% for the A-class series, based on a $10 issue price; and O’Leary Strategic Yield Plus Fund targets an annual yield of 6.5% for the Founder’s series units, based on a $12 issue price. Minimum investment is $1,000.

BMO adds to its ETF lineup

Toronto-based Bank of Montreal has expanded its product lineup with the launch of 10 new exchange-traded funds, bringing its product lineup to 40 ETFs. The new funds are designed to meet investor demands for increased yield options and greater access to commodities, says BMO. Five new target-maturity ETFs will allow investors to plan for future expenditures through diversified fixed-income portfolios with defined maturity dates. In addition, four of the new funds will provide inves-tors with the ability to allocate among four commodities sectors (energy, agriculture, precious metals and base metals), each indexed to the applicable S&P/TSX GSCI commodities index: BMO Energy Commodities Index ETF, BMO Agriculture Commodities Index ETF, BMO Precious Metals Commodities Index ETF and BMO Base Metals Commodities Index ETF. The new fund lineup also includes six income-focused funds: BMO Monthly Income ETF, BMO 2013 Corporate Bond Target Maturity ETF, BMO 2015 Corporate Bond Target Maturity ETF, BMO 2020 Corporate Bond Target Maturity ETF, BMO 2025 Corporate Bond Target Maturity ETF and BMO Covered Call Canadian Banks ETF.

Criterion merges two funds

Toronto-based Criterion Investments Inc. has merged Criterion Water Infrastructure Fund and Criterion Global Clean Energy to create Criterion Utility Plus Fund. The merger is aimed at providing unitholders with quarterly income and investments in equity securities of Canadian issuers that have a market capitalization greater than $200 million, including the utilities sector, says Criterion. Toronto-based First Asset Investment Management Inc. is acting manager of the fund. In connection with the merger, holders of Series A, B, C, D, L, M, N and O of Criterion Water Infrastructure Fund will now receive A-class units; Series F and P unitholders will now receive F-class units. Holders of Series H and U units of Criterion Global Clean Energy Fund in will now receive A-class units; Series F and P unitholders will now receive F-class units. Advisor commissions are 0%-2% for front-end sales; 5% for deferred sales; or 2% for the low-load option. Redemption fees begin at 5.5% in Year 1 and end at zero after Year 7 for the regular DSC schedule; or begin at 2.5% in Year 1 and end at zero after Year 7 of the low-load schedule. Trailing commissions are 1% for front-end sales; 0.6% for the first seven years of deferred sales, and 1% thereafter; and 0.7% for the first three years of low-load sales, and 1% thereafter. Management fees are 2% for A-class units and 1% for F-class units. Minimum investment is $500.

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