By Laura Urmoneit
(October 31 – 15:45 ET) – Scotia Securities Inc. has formed an alliance with Capital International Asset Management Canada Inc., part of the Capital Group of Companies Inc. The two parties will launch a new “fund on fund” group of mutual funds.
“We are establishing a new series of funds. The five new funds will be global and U.S. equity and will supplement our existing funds which have been focused on Canada,” says Karen Fisher, president and CEO of Scotia Securities Inc. and head of mutual funds and managed assets.
“The Capital Group of Companies is considered one of the best in the business focusing on U.S. and global equities, and with this alliance, we can now strengthen our U.S. and global mutual funds offerings,” says Fisher.
Subject to regulatory approval, the five equity funds and five RSP clone funds will be known as the Scotia Mutual Funds’ Capital International Series. The funds will include a U.S. small cap fund, a U.S. large cap fund, an international large cap fund, a global small cap fund, and a fund that has the flexibility to invest in the service and communications industry. The funds should be available for purchase in December.
“They’ll be available from the bank and ScotiaMcLeod, and will be FundServ-compliant. They’ll also be a no-load family of funds. For fee-based advisors, ScotiaMcLeod will be offering an F-class series,” says Fisher. “We hope we get looked at in terms of broader offerings. Capital brings years of expertise to the table.”