New manager for Emissary portfolio

NBF Emissary Turnkey Solution LP, a subsidiary of National Bank Financial Ltd., has named Cleveland, Ohio-based Allegiant Asset Management Co. the new manager of Emissary U.S. Growth Fund. Allegiant manages US$28 billion across a broad range of investment mandates. Allegiant replaces Northstar Capital Management, which had managed the fund since its inception in 2002.

Shareholders approve Mackenzie equity pool merger

Mackenzie Financial Corp. shareholders have approved the merger of four equity pools into one pooled wrap program. Symmetry Canadian Stock 1 Class, Symmetry U.S. Stock Class, Symmetry EAFE Stock Class and Symmetry Specialty Stock Class will be merged into Symmetry Equity Class. The single equity pool will simplify the investment process and lower operating expenses because of reduced trading costs, Mackenzie says. Symmetry portfolios will be constructed using two pools: the consolidated equity pool, Symmetry Equity Class; and a fixed-income pool, Symmetry Managed Return Class (or Symmetry Registered Fixed Income Pool, for registered accounts). The investment objective is unchanged.

Manulife launches US$ high-interest accounts

Manulife Bank has introduced two high-interest accounts, its US$ Advantage Account and US$ Business Advantage Account. They both pay 4.25% interest (subject to change) with no minimum account size. US$ Advantage Account is available to Canadian residents with U.S.-dollar bank accounts at Canadian financial institutions, while US$ Business Advantage Account is open to incorporated and unincorporated businesses in Canada with existing US$ bank accounts. The accounts are ideal for clients who frequent the U.S. and want to reduce the impact of currency fluctuation and help their U.S. savings to grow, says J. Roman Fedchyshyn, president and CEO of Manulife, in a release. Trailer commissions are 0.25%.

CIBC renames Renaissance funds

Toronto-based CIBC Asset Management Inc. is making changes to its Renaissance fund family as part of the funds’ simplified prospectus renewal. Renaissance Canadian Income Fund has been renamed Renaissance Canadian Monthly Income Fund; it has also been reopened to new investors. As well, Renaissance Canadian Income Trust Fund II has been renamed Renaissance Diversified Income Fund. Both funds’ investment objectives remain the same.

Name changes at Lakeview

Toronto-based Lakeview Asset Management Inc. has added the word “Lakeview” to three of its funds’ names to identify them as part of the Lakeview fund family. The changes affect the former Disciplined Leadership Canadian Equity, Disciplined Leadership U.S. Equity and Disciplined Leadership High Income funds. The company also announced that the funds’ portfolio advisor, Rockwater Asset Management Inc., has changed its name to Barometer Capital Inc. and will no longer be affiliated with Lakeview. Finally, the firm says performance fees will be charged to the Lakeview funds only when both outperform their respective benchmarks and when performance after the payment date of the last performance fee is positive. The change is intended to align the interests of mangers and investors, Lakeview says. None of these changes will effect the funds’ management or investment objectives.



Sceptre hopes to broaden income trusts fund scope

In response to the federal government’s proposal to tax income trust distributions, Toronto-based Sceptre Investment Counsel Ltd. is seeking unitholder approval to broaden the investment scope of Sceptre Income Trusts Fund. Its objective is to provide a high level of income and moderate capital growth through a portfolio of Canadian royalty and income trusts. In a meeting later this month, Sceptre will ask unitholders to approve the inclusion of fixed-income securities and high-yielding equities in the fund’s holdings. If approved, the changes will come into effect Jan. 30, 2007, and the fund will be renamed Sceptre High Income Fund.



Faircourt proposes trust fund merger

Toronto-based Faircourt Asset Management Inc. is holding a meeting on Jan. 9 to seek investor approval to merge Faircourt Income Split Trust, Faircourt Split Five Trust and Faircourt Split Seven Trust into Faircourt Income & Growth Split Trust. Investors who hold preferred securities of the funds will be asked to consider exchanging them for preferred securities of Income & Growth Split Trust. The merger is expected to result in increased liquidity and the potential for a lower MER, the company says. If approved, the merger will come into effect as soon as possible.

Compiled by Lara Hertel (lhertel@investmentexecutive.com).