Montreal-based Fiera Capital Corporation announced on Tuesday it is discontinuing the deferred sales charge (DSC) and low-load sales charge (LSC) options for two mutual funds.
Effective June 30, Fiera will discontinue the DSC and LSC options for the imaxx Short Term Bond Fund and the imaxx Canadian Fixed Pay Fund.
Investors who purchased units of the imaxx funds under the DSC and LSC options will remain invested based on the redemption fee schedule applicable to those units, according to a release.
Fiera added that “switches from existing units acquired under the DSC and LSC purchase options will continue to be available.”
Fiera’s announcement comes after the Ontario Securities Commission recently announced it would ban DSCs along with the rest of the Canadian Securities Administrators beginning next June.