Toronto-based Sun Life Global Investments (Canada) Inc. (SLGI) on is lowering management fees pm several Excel mutual funds by as much as 45 basis points, effective Feb. 28.
The reductions follow SLGI’s acquisition of Excel Funds Management and Excel Investment Counsel Inc., which was completed on Jan. 2.
“We’re always looking for new and innovative ways to provide more value and choice for our Clients, and the reduction of fees on our new Excel Funds lineup is just one example of this,” says Rick Headrick, president, SLGI and Excel, in a statement.
“With the tremendous growth Sun Life Global Investments has seen in recent years, including reaching $20 billion in assets under management, we’re thrilled to be able to share this success with clients by lowering the cost of investing.”
SLGI also announced that D-class units and IS-class units across all Excel funds are closed to new investments, effective Feb. 7.
Pre-authorized chequing plans for D-class units that existed prior to Feb. 7 will continue. D-class units have been renamed DB-class units.
SLGI is also making changes to the Excel funds lineup to bring the deferred sales charge redemption schedule, sales commissions, and trailing commission applicable to A-class units of each Excel fund in line with A-class units of SLGI’s funds.
There is no financial impact to clients because of these changes, SLGI says in a news release. These changes take effect on Feb. 28.
The full list of fee reductions and commission change is outlined in SLGI’s news release.