Mavrix Fund Management Inc. Tuesday announced temporary management and service fee reductions for two Mavrix money market funds.

The cuts come in response to ongoing low short-term interest rates, Mavrix said.

“This temporary action is designed to ensure investors will continue to receive a reasonable rate of return and will also result in a lower MER,” the company said in a release.

The trailing service fees paid to dealers from the management fee will also be temporarily reduced for both of the money market funds.

“These temporary fee reductions are in the best interests of the unitholders of our money market fund,.” said David Balsdon, CCO, secretary-treasurer and vice president.

The funds subject to the temporary management and service fee reductions are Mavrix Money Market Fund and Mavrix Multi Series Fund Ltd. – Short Term Income Series.

IE