Toronto-based ScotiaFunds, a division of 1832 Asset Management LP, announced that it's streamlining and lowering fees on certain cash-equivalent fund offerings.
As of Nov. 10, the maximum management fees for Series A units of Scotia T-Bill Fund and Scotia Money Market Fund will be reduced to 0.75% from 1%. In addition, unitholders with $100,000 or more invested in Series A units of either Scotia T-Bill Fund or Scotia Money Market Fund will automatically begin to receive a 0.25% management fee distribution.
ScotiaFunds will also close Scotia Premium T-Bill Fund to new purchases on Nov. 10.
Unitholders with $250,000 to $1,000,000 invested in this fund will begin to receive an increased management fee distribution of 0.35% from 0.20%.