Montreal-based Fiera Capital Corp. announced the termination of two funds and a risk rating change for another fund on Tuesday.

Fiera Tactical Bond Yield Fund and Fiera Tactical Bond Yield Find II will be terminated as of Nov. 30; effective immediately, the funds’ units will be closed to new purchases. The decision to discontinue the funds was made primarily as a result of the small number of unitholders and assets under management in the funds.

Unitholders will be provided with 90 days of advance written notice regarding the termination of these funds, Fiera’s announcement states.

The asset manager has also announced a change to the risk rating of Fiera Capital Bond Fund, which will now be rated “low,” instead of “low to medium.” The fund was identified as requiring a risk rating change during an annual review of risk ratings but there have not been any changes made to the investment objectives, strategies or management of the fund’s mandate, the firm’s announcement states.

The change to Fiera Capital Bond Fund’s risk rating will be reflected in its simplified prospectus and Fund Facts document, which will be filed with Canadian securities regulators on or about Aug. 28.

Fiera notes that in determining risk ratings for funds, a variety of factors are taken into consideration, such as standard deviation, the fund’s Sharpe ratio, investment objectives and sector and geographic diversification.