National Bank Securities concludes its Fund Mergers and Optimization Project
National Bank Securities is proud to announce the completion of its mutual fund mergers and optimization project, which officially began on April 6. This undertaking stems from a series of initiatives that sought to ensure the smooth integration of Altamira to National Bank Securities.
As the last step of the integration process, National Bank Securities resolved to streamline its mutual fund line-up, so as to provide investors with a comprehensive, more clearly defined range of investment products. To do so, the company merged its most marginal funds and those that share comparable investment objectives. The benefits of this project include lower long-term costs for clients, highly competitive management fees and amended investment objectives for certain funds, increasing portfolio management latitude, thereby allowing for higher potential returns for investors.
“We are very happy with the outcome of this project, which can only serve to benefit investors”, said Charles Guay, president and CEO of National Bank Securities. “With our updated line-up, we will be better positioned to offer a simpler range of products, across three distinct brands, each with its own characteristics, particularities and benefits, in addition to our all-in-one Meritage Portfolios.”
National Bank Securities’ four-level offering consists of:
The company took advantage of this streamlining exercise to reposition the Altamira Fund family, which now comprises a series of specialized funds (indexed, geographical, sector, fixed income) and an all-new logo that better reflects the buoyancy of these products.
Along with these mergers, other slight changes were made. The investment objective of Altamira U.S. Equity Fund (formerly Altamira US Larger Company Fund) was amended so as to broaden its mandate to allow investments in American companies of all capitalizations, and its declaration of trust was modernized.
Furthermore, National Bank Mortgage Fund’s investment strategies were amended to reflect the fact that the Fund may invest indirectly in mortgages by acquiring mortgage-backed securities, ensuring more flexibility for the portfolio manager.
Beyond these developments, modifications were made to Omega Canadian Equity Fund (formerly National Bank/Fidelity True North® Fund) and Omega Global Equity Fund (formerly National Bank/Fidelity Global Fund): their declarations of trust were modernized and their investment objectives moved from a “fund of fund” structure to a regular structure, all the while maintaining similar objectives.
To this effect, National Bank Securities is happy to announce that it has retained CI Global Holdings Inc., carrying on business as Cambridge Advisors, to act as sub-advisor for Omega Canadian Equity Fund. The Cambridge team is led by Chief Investment Officer Alan Radlo. “Mr. Radlo enjoys a reputation for achieving excellent returns,” said Mr. Guay. “We are convinced that his stock-picking ability, the quality of his fundamental analysis and his rigorous risk management approach will benefit unitholders.”
Furthermore, Pyramis Global Advisors, an affiliate of Fidelity Investments Canada, has been named to act as sub-advisor for Omega Global Equity Fund. Investors can only gain from the quality of the fundamental research performed by the team of equity analysts at Pyramis.
“This re-engineering of our product offering, combined with the recent reduction in management fees and operating costs of our National Bank money-market funds, is a clear sign that we continuously strive to provide investors with a top-quality line of investment products with the best possible return”, concluded Charles Guay.
About National Bank Securities Inc.
The National Bank Mutual Funds (including the Omega FundsTM) and the Altamira Funds (the “Funds”), as well as the Meritage Portfolios® (the "Porfolios") are offered by National Bank Securities 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 or in the Portfolios. Please read the prospectus of the Funds or of the Portfolios before investing. The Funds’ and Portfolios’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of the investment in a fund will be returned. The Funds and the Portfolios are not guaranteed, their values change frequently and past performance may not be repeated.
“Omega Funds™” and the Omega Funds logo and ‘’Meritage Portfolios®’’ and the Meritage Portfolios logo are trademarks of National Bank of Canada, used under license by National Bank Securities Inc.
About National Bank of Canada
National Bank of Canada, which is celebrating its 150th anniversary in 2009, is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. The National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has close to $138 billion in assets and, together with its subsidiaries, employs 17,343 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at www.nbc.ca.
Information (The telephone number provided below is for the exclusive use of journalists and other media representatives.):
Director, Public Relations
National Bank Financial Group