Toronto-based Manulife Investments, a division of Manulife Asset Management Ltd., is planning to replace certain operating expenses with fixed administration fees in specific series within two mutual funds.
The changes would affect the Advisor Series and Series T6 of Manulife U.S. All Cap Equity Class and Advisor Series, Series L, Series LT6 and Series T6 of Manulife Global Balanced Private Trust.
The move to a fixed administration fee model will include management fee reductions and would protect investors against an increase in future management expense ratios. In addition, Manulife Investments will assume the risk of future increases in operating expenses, the firm notes in its announcement.
The change is subject to securityholders’ approval. Manulife Investments will hold a meeting on Feb. 16, which would include securityholders who are on record of holding the affected series of funds as of Jan. 16.
Other series of these particular funds and other Manulife mutual funds have already had a fixed administration fee implemented, which was in effect on Jan. 1. However, the move to a fixed administration fee was not made for Manulife Dollar-Cost Averaging Fund, the announcement states.
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