Toronto-based Invesco Canada Ltd. will be increasing the fund options available to investors looking for lower fees as well as for private wealth investors or those looking for monthly income from their investments.
Six new funds are being incorporated into the firm’s new platform-traded fund (PTF) structure, which was established in October, bringing the total number of PTFs available to 28. The structure is currently available for fee-based accounts to firms that are members of the Investment Industry Regulatory Organization of Canada.
Invesco pioneers new fund platform
PTFs are funds that settle like a stock, with a ticker symbol, on an advisory firm’s trading system; however, unlike exchange-traded funds, PTFs don’t actually trade on a stock exchange. A more streamlined order process allows fees for the PTFs to be comparable to those paid by institutional investors, says a statement from Invesco released on Friday.
The funds that are being added to the PTF structure are Trimark Advantage Bond, with a management fee of 0.65%; Invesco Canadian Premier Growth and Trimark Canadian Endeavor, which both have a management fee of 0.55%; and Invesco Global Growth, Trimark Global Fundamental Equity and Trimark International Companies, which all have a management fee of 0.7%.
Invesco Canada also announced an addition to the offering for private wealth clients with Trimark Canadian Opportunity Class being included within the firm’s Series P and Series PF funds, the latter of which is for investors with a fee-based account. These two series are available to households with a minimum of $100,000 in aggregate assets invested in Invesco Canada funds.
The investment manager’s T-Flex series, which is available to fee-based accounts and provides a regular monthly income stream, will also grow thanks to the inclusion of two existing products. Invesco Intactive Diversified Income Portfolio Class and Invesco Intactive Balanced Income Portfolio Class will be launched within the T-Flex structure in Series F4 and F6 for fee-based accounts and PF4 and PF6 for private wealth investors with fee-based accounts.
Lastly, the firm announced that PowerShares Diversified Yield Fund will be renamed PowerShares Monthly Income Fund to reflect the monthly income distribution frequency across all series but that the investment objectives and strategies of the fund will not change.
All of the above changes will be effective on Nov. 26.