Scotia to close funds, reduce fees on others

Scotia Global Asset Management announced the closure of two funds and fee reductions for a series of other funds on Tuesday.

Both the 1832 AM Canadian Preferred Share LP (Series I) and the Scotia Private Short Term Income Pool (Pinnacle Series, Series F) will be closed on or about Jan. 24, 2020.

The eliminated funds will be unavailable for new purchases as of Nov. 8. Unitholders can redeem their units until the date of closure. Following the closure date, remaining units will be redeemed for cash.

The bank also announced it will reduce the management fees for Series M units of 12 Scotia funds.

The funds will see fee reductions between 0.03% and 0.23%, effective on or about Nov. 14. For a full list of the affected funds, see the release.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.