Toronto-based NEI Investments has received security holder approval to change the mandate and names of two funds, the investment firm announced on Wednesday.
The NEI Northwest EAFE Fund and NEI Northwest EAFE Corporate Class will follow an emerging markets equity mandate and be renamed NEI Northwest Emerging Markets Fund and NEI Northwest Emerging Markets Corporate Class respectively.
The funds will be available for sale once the transition is completed around May 6, 2013. Columbia Management Investment Advisers LLC in Boston will take over management of both funds when the transition is completed.
As well, NEI will reduce the management fee for the series A and series F units of the Northwest Emerging Markets Fund to 2.15% and 1.15% respectively.
NEI products offer investors the choice of a full range of investment management styles including conventional and socially responsible investment choices. Provincial credit union centrals own 50% of NEI with Montreal-based Desjardins Group holding the remaining 50%.