National Bank Investments Announces Portfolio Management Changes

Montreal, February 28, 2024

National Bank Investments Inc. (“NBI”) today announced portfolio sub-advisor changes for certain NBI Funds (the “Funds”).

On or around April 22, 2024, National Bank Trust Inc. (“NBT”) will transition Fiera Capital Corporation’s (“Fiera”) portfolio sub-advisory responsibilities for the NBI Global Equity Fund, the NBI U.S. Equity Fund, the NBI U.S. High Conviction Equity Private Portfolio, and the NBI International High Conviction Equity Private Portfolio (the “Equity Funds”) directly to PineStone Asset Management Inc. who consequently becomes the sole portfolio sub-advisor of the Equity Funds. Fiera will no longer serve as portfolio sub-advisor of the Equity Funds. NBI remains committed to Fiera through their partnership in managing other equity mandates. 

On or around March 20, 2024, NBT will appoint Beutel, Goodman & Company Limited and RP Investment Advisors L.P. to jointly act as portfolio sub-advisors of the NBI Bond Fund together with Fiera. On or around the same date, NBT will terminate the mandate of AlphaFixe Capital Inc. (“AlphaFixe”) as portfolio sub-advisor of the NBI Bond Fund. NBI remains committed to AlphaFixe through their partnership in managing other fixed income mandates.

The Funds’ investment objectives remain unchanged. As portfolio manager, NBT will continue to ensure compliance of investment decisions in relation to the mandates.

These changes are part of NBI’s open architecture structure governance process and will be included in the amendment to the NBI Funds’ simplified prospectus, which will be filed on the SEDAR+ website and on the NBI website.

About NBI Funds
NBI Funds (the “Funds”) are offered by National Bank Investments Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the Funds before investing. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently, and past performance may not be repeated.

About National Bank Investments Inc.
National Bank Investments  Inc. (“NBI”) is an investment funds management firm committed to manufacturing and offering mutual funds, investment solutions and services designed to help Canadian investors pursue their financial goals. As at December 31, 2023, assets under management in NBI products were valued at over $81.86 billion.

Guided by an open architecture strategy, NBI is dedicated to providing diverse solutions to meet the evolving needs of its clients. NBI consistently strives to be recognized as a key partner by combining innovation and excellence. NBI’s role is not limited to administrative aspects of management; NBI Advisory Services and its registered representatives form a team of specialists who provide information and advice to help advisors build portfolios adapted to their clients’ financial needs. Follow NBI’s activities at or via social media such as YouTube and LinkedIn.

National Bank Investments is a signatory of the United Nations-supported Principles for Responsible Investment, a member of Canada’s Responsible Investment Association, and a founding participant in the Climate Engagement Canada initiative.

About National Bank of Canada
With $434 billion in assets as at January 31, 2024, National Bank of Canada is one of Canada’s six systemically important banks. The Bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at or via social media.


Alexandre Guay

Senior Advisor, Public Affairs
National Bank of Canada