Toronto-based Bank of Nova Scotia's fund management arm announced on Monday that it's introducing a simplified pricing model for its mutual fund lineup, which will result in lower management fees on 51 Scotia funds as well as some portfolios.
ScotiaFunds, a division of 1832 Asset Management LP, which in turn is a Scotiabank subsidiary, will implement the new pricing model on Jan. 10.
"Management fees have been simplified by offering four distinct pricing levels for fixed-income, equity income/dividend income, balanced and equity funds," the announcement states in reference to fee reductions for individual mutual funds. "This means there will no longer be a premium within a category for specialty, foreign or focused mandates."
Management fee reductions will also affect Scotia Selected Portfolios, Scotia Partners Portfolios and Scotia Aria Portfolios.
Further details on the fee reductions and the specific products that will be affected can be found on this ScotiaFunds backgrounder document.
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