Counsel Portfolio Services Inc. Tuesday announced a proposal to implement a fixed rate administration fee for all Counsel funds and portfolios.

The proposal aims to change the method of charging operating expenses to Counsel investment solutions by replacing the current method with a fixed rate administration fee. If approved by investors, Counsel will bear all of the operating expenses of the Counsel investment solutions, except for GST and certain specified costs, in return for a fixed rate administration fee.

Counsel says the implementation of the fixed rate administration fee structure will increase the level of transparency on how the operating expense portion of the management expense ratio (MER) is charged.

“This will give investors the ability to better predict their overall cost of investing in a Counsel investment solution,” it says.

A special meeting of unitholders is scheduled for Jan. 25, 2010, to consider and vote on the proposed change.

Assuming unitholder approval is received, the fixed rate administration fee will become effective retroactive to Jan. 1, 2010.

Counsel also announced it has changed its legal name to Counsel Portfolio Services Inc. from Counsel Group of Funds Inc., effective October 22, 2009.

The change better reflect its role as a comprehensive portfolio service company, Counsel says.

“As a portfolio service provider, Counsel selects investment specialists for various investment mandates, regularly monitors the performance of each investment specialist on its roster and evaluates the design structure of each portfolio,” explains Sam Febbraro, Counsel’s president & CEO.

IE