Natixis Asset Management Canada (“NATIXIS”) to reduce securities from $2.5M to $1.0M for Front End Load series and Series I.
Natixis Global Asset Management Canada (“Natixis”) announced today minimum investment amount reductions for Institutional Front End Load series and Series I securities of its mutual funds, the appointment of a sub-advisor and the termination of a fund.
Effective immediately, the minimum investment amount applicable to Institutional Front End Load series and Series I securities will be reduced from $2.5M to $1.0M.
In addition, effective March 21, 2017, Natixis will appoint Cidel Asset Management Inc. as the portfolio sub-advisor for NexGen Canadian Dividend Registered Fund and NexGen Canadian Dividend Tax Managed Fund. There are no changes to the investment objectives of the funds and the investment strategies of the funds will remain substantially similar.
Lastly, Natixis has decided to terminate NexGen Canadian Cash Tax Managed Fund on or about June 26, 2017. Effective today, this fund will no longer accept additional investments or switches into the fund. However, investors may continue to purchase shares through regular investment savings plans, redeem or switch their investments until the close of business on June 26, 2017. If alternative investment instructions are not received by June 26, 2017, any remaining investments in the fund will be redeemed and investors will be paid the proceeds of these investments. Natixis has determined that, due to the recent Federal government changes which ended the ability to effect tax deferred switching in corporate class funds, there is no longer a benefit for Natixis to offer both a trust and a corporate version of a money market fund. Investors that wish to switch into a money market fund may switch into NexGen Canadian Cash Fund at any time.