Toronto-based Invesco Canada Ltd. has introduced auto-switching into its Private Investor Series to reduce the cost of investing for clients.
Specifically, Invesco will begin to link non-registered and registered accounts held by a single investor at the same dealership automatically as of Nov. 10.
Individual and linked accounts with a minimum of $100,000 in aggregate assets will qualify for preferred pricing under Invesco’s Private Investor Series and will be switched automatically into a reduced cost Private Investor Series of the fund, where available.
For example, Series A holdings will be switched to Series P while Series F holdings will be switched to Series PF.
Investors can also request their financial advisors to link the accounts of other members within their households, as well as their business accounts, to reach this minimum.
This service is at no cost to clients and will not cause a taxable event, the firm says in a news release.
Accounts will be reviewed on a weekly basis and any new assets that qualify will be switched automatically on the first business day of the following month, beginning Dec. 1.
Other than applicable fees, there’s no difference between the Retail Investor Series and the Private Investor Series into which the investors’ investments would be switched upon meeting the eligibility criteria.
If an investor no longer meets the eligibility criteria for Private Investor Series, his or her investment may be moved into a series with a higher management and advisory fee, which will not exceed the Retail Investor Series fees.
Certain restrictions may apply and investors are advised to read the prospectus. These changes are subject to regulatory approval.
Separately, Invesco announced its intention to change the listing venue for PowerShares Ultra Liquid Long Term Government Bond Index ETF (PGL) from the Toronto Stock Exchange to the Aequitas NEO Exchange.
Invesco anticipates the migration will occur in December.