Counsel announces fund closures, other lineup changes

first_imgWeak but mostly positive performance for Canadian funds in August: Morningstar garagestock/123RF BMO Private Investment Counsel announces fund merger Related news Counsel is closing the following funds and series to all new sales and switches effective immediately: > Counsel Canadian Value Class – all retail series; > Counsel Canadian Growth Class – all retail series; > Counsel All Equity Portfolio Class – all retail series; > Counsel Balanced Portfolio Class – Series I only; > Counsel Conservative Portfolio Class – Series I only; and > Counsel Growth Portfolio Class – Series I only. In addition, Counsel announced that the following funds will be terminated effective on or before Dec. 27, and that effective immediately, all series of the funds are no longer available for additional purchases: > Counsel Canadian Conservative Portfolio > Counsel Canadian Balanced Portfolio > Counsel Canadian Growth Portfolio Series D, DB and DT renamed Effective immediately, all Series D, DB and DT funds will be renamed to Series F, F5 and FT respectively. In addition, Counsel announced it will be moving to a monthly advisory fee collection schedule for Series F, F5 and FT effective Jan. 1. The changes make Counsel’s fee-based offering consistent with others in the industry, the company says. Risk rating changes Counsel also announced risk rating changes to two funds. The ratings for Counsel Canadian Divided Fund and Counsel Canadian Dividend Class change to “Medium” from “Low to Medium”. No changes have been made to the investment objectives or strategies of the funds. The series renaming and risk rating changes will be reflected in the renewal of the simplified prospectus of the Counsel mutual funds, which is scheduled to be filed on or about Oct. 27. Photo copyright: garagestock/123RF Share this article and your comments with peers on social media CI GAM announces fund mergers SLGI Asset Management terminating two mutual funds IE Staff Keywords Fund caps and terminationsCompanies Counsel Portfolio Services Inc. Facebook LinkedIn Twitter Toronto-based Counsel Portfolio Services on Friday announced changes to its product lineup, including several mutual fund closures. last_img read more