NEI makes changes to fund lineup

Northwest & Ethical Investments L.P. (NEI) has made a number of changes to its mutual fund lineup.

On Oct. 26, NEI became the manager and trustee of a number of funds previously managed by OceanRock Investments, NEI said in a release. The funds are:

• NEI Jantzi Social Index Fund (formerly Meritas Jantzi Social Index Fund)
• NEI U.S. Equity Fund (formerly OceanRock U.S. Equity Fund)
• NEI International Equity Fund (formerly Meritas International Equity Fund)
• NEI Select Income Portfolio (formerly OceanRock Income Portfolio)
• NEI Select Growth & Income RS Portfolio (formerly Meritas Growth & Income Portfolio)
• NEI Select Growth & Income Portfolio (formerly OceanRock Growth & Income Portfolio)
• NEI Select Maximum Growth RS Portfolio (formerly Meritas Maximum Growth Portfolio)

NEI will use its preferred pricing program for its entire fund lineup, including the newly acquired funds, effective on or about Dec. 3, the release said.

Also, effective on or about Jan. 21, 2019, the subadvisor of NEI Canadian Small Cap Equity Fund will become Laurus Investment Counsel Inc.

Effective immediately, Series B units of NEI Select Income RS Portfolio, NEI Select Income & Growth Portfolio, NEI Select Balanced Portfolio, NEI Select Growth Portfolio and NEI Select Maximum Growth Portfolio will be closed to new purchases with the exception of purchases under existing pre-authorized payment plans, the release said. Investors buying series B units under pre-authorized payment plans will have their plans automatically change to buy Series A or Series P units of the same fund.

Also effective immediately, Series T units of NEI Select Income Portfolio, NEI Select Growth & Income RS Portfolio and NEI Select Growth & Income Portfolio will be closed to new purchases, the release said. Existing pre-authorized payment plans to buy Series T units of these funds will automatically change to buy Series A units of the same fund.

All Series B and Series T units will be reclassified into Series A or Series P units of the same fund where eligibility thresholds are met, to allow access to the preferred pricing program, if applicable. The reclassification to Series P units will take place on or about Dec. 18 for investors who meet the minimum investment threshold for Series P eligibility. For all other investors holding Series B and Series T units, reclassification will take place on or about Jan. 18, 2019.

Changes to responsible investment policy

NEI is also making three changes to its responsible investment policy. The firm is:

• changing the application of responsible screens used by funds designated with “RS” in their names, along with other select funds, to exclude companies with specific types of involvement in gambling and pornography, in addition to pre-existing screens on tobacco, nuclear power and weapons;
• expanding the breadth of the existing NEI weapons screen; and
• adding impact investing as a distinct responsible investment approach.

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