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The changes include management fee reductions and an increase to the minimum initial investment

By Leah Golob |

Toronto-based BMO Investments Inc. on Wednesday announced changes to its BMO Ascent Portfolios that include management fee reductions and increases to minimum initial investments and minimum balances.

Specifically, five funds will be affected: BMO Ascent Income Portfolio; BMO Ascent Conservative Portfolio; BMO Ascent Balanced Portfolio; BMO Ascent Growth Portfolio and BMO Ascent Equity Growth Portfolio.

As of today, the management fee applicable to Series A securities of each fund will be lowered from 1.50% to 1.40%. The management fee for Series F securities will drop from 0.75% to 0.65%.

On the other hand, the minimum initial investment for each fund will leap from $25,000 to $75,000 and the minimum balance for keeping an investment in a fund has changed from $20,000 to $60,000.