|By Marketwired .||
|May 6, 2014 09:58 AM EDT||
TORONTO,ON--(Marketwired - May 06, 2014) - This corrects and replaces the press release issued on May 6, 2014 at 9:00 AM ET. Registered trademark symbols have been removed for consistency.
ScotiaFunds, Scotia Private Pools and Pinnacle Portfolios announced today that, effective August 18, 2014, the manager of the funds, 1832 Asset Management L.P., will pay the majority of operating expenses for a certain series of funds in return for a fixed rate administration fee.
Currently, each fund pays all of its own operating expenses, which comprise a portion of the management expense ratio of the fund. Following the adoption of the fixed rate administration fee, the manager will pay the operating expenses of the funds, other than certain fund costs.
The funds will continue to pay costs and expenses related to the independent review committee of the funds, new government or regulatory requirements, compliance with International Financial Reporting Standards, taxes, borrowing and portfolio transaction costs. This change will provide investors with increased predictability and transparency in fees, as components of the management expense ratio for the funds will become fixed rather than varying from year to year as they do presently.
The fixed rate administration fee of a series of a fund will be lower than or equal to the actual operating expenses paid by such series during the fund's most recently completed financial year. Until December 31, 2016, the funds may pay an adjustment payment to the Manager in the event there is a significant drop in assets. Similar fixed administrative fee proposals have been adopted at a number of Canada's largest mutual fund companies.
The Manager referred the proposal to the funds' Independent Review Committee. The Independent Review Committee concluded that, in its view, the result of the fixed rate administration fee proposal is fair and reasonable to the funds.
Scotia Private Short Term Income Pool, Scotia T-Bill Fund, Scotia Premium T-Bill Fund, Scotia Money Market Fund, Scotia U.S. $ Money Market Fund, the Advisor Series of each fund and Series F units of Scotia Canadian Blue Chip Fund and Scotia Global Growth Fund are excluded from the fixed rate administration fee initiative.
In addition, effective August 18, 2014, the management fee for Series F units of Scotia Private U.S. Mid Cap Value Pool and Series F units of Scotia Private U.S. Mid Cap Growth Pool will be lowered from 1.00% to 0.80%.
Security holders are encouraged to review the amendment to the simplified prospectus for the funds to be filed in connection with these changes, which will be available at www.sedar.com, for complete information on the fixed rate administration fee applicable to the funds, including the manner in which the fee will be calculated. Security holders will also be notified in writing of the details of this change, as required by securities regulations.
About 1832 Asset Management L.P.
1832 Asset Management L.P. offers a range of wealth management solutions, including mutual funds, and investment solutions for private clients, institutional clients and managed asset programs. 1832 Asset Management L.P. is a limited partnership, the general partner of which is wholly owned by Scotiabank.
About ScotiaFunds, Scotia Private Pools and Pinnacle Portfolios
ScotiaFunds are a family of mutual funds and portfolio solutions managed by 1832 Asset Management L.P. ScotiaFunds are available from Scotia Securities Inc. and from other dealers and advisors, including ScotiaMcLeod and Scotia iTRADE, which are divisions of Scotia Capital Inc. Scotia Securities Inc. and Scotia Capital Inc. are wholly owned by Scotiabank. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Scotia Private Pools are a family of investment pools managed by 1832 Asset Management L.P. and are available through ScotiaMcLeod and Scotia Private Client Group. Scotia Private Client Group consists of private client services offered by Scotiabank, The Bank of Nova Scotia Trust Company, 1832 Asset Management L.P., 1832 Asset Management U.S. Inc., ScotiaMcLeod Financial Services Inc., WaterStreet Family Offices, a division of 1832 Asset Management L.P., and ScotiaMcLeod. Pinnacle Portfolios are a family of portfolio solutions offered and managed by 1832 Asset Management L.P. and available exclusively through ScotiaMcLeod.
Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through our team of more than 83,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. With assets of $783 billion (as at January 31, 2014), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). Scotiabank distributes the Bank's media releases using Marketwired. For more information please visit www.scotiabank.com.
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