Mississauga-based Counsel Portfolio Services Inc. (Counsel), a subsidiary of IPC Portfolio Services Inc., has announced plans to update its product lineup and appoint a new subadvisor.
Specifically, Counsel plans to merge Counsel Income Managed Portfolio into Counsel Regular Pay Portfolio, which will be renamed Counsel Monthly Income Portfolio. Additionally, Counsel World Managed Portfolio will merge into Counsel Balanced Portfolio. These mergers are designed to reduce duplication in Counsel’s product shelf, and lower fees for the continuing portfolios.
The proposed mergers require the approval of securityholders of the terminating portfolios at a special meeting to be held March 12, 2018, at Counsel’s office in Mississauga. If approved, the proposed mergers will be effective March 23, 2018.
Counsel will also be changing the names of the following four portfolios, effective Jan. 16, 2018:
> Counsel Regular Pay Portfolio will be renamed Counsel Monthly Income Portfolio;
> Counsel Managed Yield Portfolio will be renamed Counsel Income Portfolio;
> Counsel Managed High Yield Portfolio will be renamed Counsel High Income Portfolio; and
> Counsel Managed Portfolio will be renamed Counsel Balanced Growth Portfolio.
The portfolios will be renamed to reflect a change in tactical asset allocation. The current mix of mutual funds, ETFs and sub-advisors will evolve into a more streamlined fund-of-fund structure.
“The investment solutions, including Counsel Regular Pay Portfolio, will adopt a more strategic positioning that makes use of dynamic levers such as trend-following strategies, active rebalancing, and dynamic currency hedging to better manage risk and volatility,” the firm says in a news release
Lastly, Counsel has announced the appointment of Toronto-based Mackenzie Financial Corp. as subadvisor for Counsel Short Term Bond and will assume its sub-advisory responsibilities on Jan. 17, 2018.