National Bank Investments Inc. announces material changes to two National Bank Mutual Funds
National Bank Investments Inc. (“NBI”) announced today the change of portfolio managers and various related changes to the NBI Real Assets Private Portfolio. NBI also announced a proposal to change the National Bank Mortgage Fund’s investment objective, which unitholders of such fund shall be called to vote on at a special meeting to be held for this purpose.
Changes to the NBI Real Assets Private Portfolio
As of or around March 4, 2016, BNY Mellon Asset Management Canada Ltd. (“BNY Mellon”) will replace National Bank Trust Inc. as portfolio manager to the NBI Real Assets Private Portfolio. As of the same date, BNY Mellon will retain its affiliate, The Boston Company Asset Management, LLC, as sub-advisor to this fund (replacing Brookfield Investment Management Inc. and Lazard Asset Management Inc.). The investment strategies of the NBI Real Assets Private Portfolio will be modified in order to reflect the investment approach of The Boston Company Asset Management, LLC, which focuses on a combination of income and growth investing. The fund will continue to invest in similar asset classes, in industry sectors associated with real assets such as infrastructure and real estate. The investment objective of the fund remains unchanged.
Changes to the National Bank Mortgage Fund
The proposal to change the National Bank Mortgage Fund’s investment objective aims to allow the fund to tactically invest, directly or through investments in securities of other mutual funds, in a portfolio comprised primarily of Canadian bonds and Canadian mortgages (directly or through investments in mortgage-backed securities). The proposed change to the investment objective would offer more flexibility to the portfolio manager of the fund with regard to asset diversification within the same short term fixed income category, in order to seek to better benefit from fixed income investment opportunities beyond mortgages.
This change to the investment objective is subject to the approval of the fund’s unitholders at a special meeting which is to be held by no later than mid-May 2016. If the unitholders approve this change, National Bank Mortgage Fund will be renamed NBI Tactical Mortgage & Income Fund and the management fees will be reduced by 0.30% on Investor, Advisor and F Series.
These changes are in line with NBI’s client centric approach, committed to providing clients with access to the best investment solutions at competitive pricing.
All information pertaining to the investment objective change will be provided to investors holding units as at the record date, and potential investors can obtain this information from National Bank Investments Inc. prior to the special meeting. The time and place of the special meeting will appear in the notice of meeting and management information circular which will be sent to unitholders. In addition, this information will be posted to www.sedar.com and will be available from your advisor or from National Bank Investments Inc. National Bank Investments Inc. reserves the right to postpone to a later date the implementation of the announced changes, or of one or some of them, or not to effect such changes.
About National Bank Mutual Funds
National Bank Mutual 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 investments in the Funds. 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 a wholly owned subsidiary of National Bank of Canada specialized in designing and managing mutual funds and mutual fund portfolios. As at December 31, 2015, the value of assets under management in NBI products amounted to $26.1 billion.
Guided by a 100% open architecture philosophy, 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 is an investment fund management firm committed to offering a broad selection of investment solutions that meet a wide range of investment profiles. 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 investors build portfolios adapted to their financial needs.
About National Bank of Canada
With $216 billion in assets as at October 31, 2015, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. The Bank has close to 20,000 employees and is widely recognized as a top employer. The Bank's securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
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National Bank of Canada