Fidelity rolls out six managed portfolios
Toronto-based Fidelity Investments Canada Ltd. has launched a lineup of six fund-of-funds wrap portfolios that will invest in a mix of Canadian, U.S. and international equities and bonds, including global real estate. The portfolios fall into one of three broader categories: Fidelity Income Portfolio and Fidelity Global Income Portfolio are designed for investors looking for income; Fidelity Balanced Portfolio and Fidelity Global Balanced Growth Portfolio are aimed at those who want a balance of capital preservation and growth potential; Fidelity Growth Portfolio and Fidelity Global Growth Portfolio are
for investors who are looking for growth potential. The portfolios are managed by Fidelity’s asset-allocation team, led
by co-managers Mark Friebel and Mariana Egan. Sales commissions are 0%-5% for front-end sales, 4.9% for deferred sales, 1% for low-load sales, or 2.5% for low-load 2 sales. Redemption fees are 6% in Year 1 and zero after Year 6 of the regular
DSC schedule; 2% in Year 1 and zero in Year 3 of the low-load schedule; or 3% in Year 1 and zero in Year 4 of the low-load 2 schedule. Trailer fees are 0.5% for deferred and low-load 2 sales, and 1% for low-load and front-end sales. Management fees are 1.85%, or 0.7% for F-class shares, of income portfolios; 1.95%, or 0.8% for F-class shares, of balanced portfolios; and 2%, or 0.85% for F-class shares, of growth portfolios. Minimum investment is $25,000.
RBC revamps bank accounts, adds two more
Royal Bank of Canada has made changes to several bank accounts and introduced two new savings accounts, effective May 1. The changes are part of an ongoing effort to take a “client-first” approach, RBC says. “Our strategy is twofold: we want to reward existing clients for their loyalty and give new clients more reasons to bank with us. We are also making it easier for people to choose accounts that best suit their needs and save them the most money,” James Westlake, head of Canadian banking, said in a news release. Among the changes announced by the bank: RBC Signature No Limit Banking Account, previously called Royal Certified Service, no longer has a cap of 65 transactions a month. The account also refunds any RBC fees for three non-RBC Interac withdrawals a month instead of the previous one; the bank also gives holders a $35 annual rebate toward an eligible RBC Rewards VISA or an RBC Partners Rewards VISA card of their choosing. The new RBC High Interest eSavings Account offers a 4% introductory interest rate until July 31, and has no monthly fee or minimum balance requirements. The bank is also offering promotional discounts on car rentals and various vacation packages to accountholders. The second new account, the RBC Student Banking Account, includes a free VISA card and unlimited free transactions. RateLink Preference, RateLink Essential, Signature Plus Pay-As-You-Go and Signature Plus Flat Fee Option—Medium accounts will not change, RBC says.
Sprott launches global equity fund
Toronto-based Sprott Asset Management Inc. has launched Sprott Global Equity Fund, an open-ended mutual fund trust that will seek long-term capital growth through investments primarily in global companies with minimum capitalizations of US$1 billion. The company has hired investment strategist Sylvain Ratelle to manage the fund. Ratelle previously worked for Franklin Templeton Investments and State Street Global Advisors Ltd. Advisor commissions on the new fund are 2%, with a 1% trailing commission. Management fees are 2.5%. Minimum investment is $5,000.
Mackenzie introduces two new funds
Toronto-based Mackenzie Financial Services Inc. has launched Mackenzie Cundill International Class and Mackenzie Cundill Emerging Markets Value Class funds. The international class fund, managed by Hhu Ng, is aimed at investors with moderate risk tolerance, and will invest primarily in equity securities based anywhere in the world except in Canada and the U.S. It may also hold fixed-income securities, including high-yield bonds. The emerging markets fund will invest in companies of any size, but will gravitate toward smaller companies. The fund is intended for investors with a long-term investment horizon and “higher than average” risk tolerance, Mackenzie says. James Morton is the emerging markets fund’s portfolio manager. Commissions are up to 5% for front-end, 5% for deferred sales and 2.5% for low-load sales. Redemption fees begin at 5.5% in Year 1 and end at zero after Year 7 of the deferred schedule, or 3% in Year 1 and end at zero after Year 3 of the low-load schedule. Trailing commissions are 1% for front-end sales, or 0.5% for deferred and low-load sales during the initial seven- or three-year terms, after which time commissions will jump to 1%. Management fees for Value Class are 2.25% for A-class shares and 1.25% for F-class shares; management fees for International Class are 2% for A-class and 1% for F-class. Minimum investment is $500.
@page_break@Compiled by Lara Hertel (email@example.com).
Fidelity rolls out six managed portfolios