Ninepoint launches high-interest savings fund

Toronto-based Ninepoint Partners LP has changed the investment objective of its Ninepoint Short Term Bond Fund and renamed it Ninepoint High Interest Savings Fund, the investment manager announced earlier this month.

The fund’s objective is now to “maximize yield on cash balances, while providing easy access to investments with daily liquidity.” It invests in high-interest savings accounts at Schedule 1 Canadian banks.

The underlying investments have an interest rate of 2.25%, though individual returns will be lower due to management fees (0.39% for Series A and 0.14% for Series F).

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