BMO Investments said that as of Friday, October 30, management fees on certain of its funds will be lowered.
The funds which will see lower management fees are:
Series F securities of BMO Global Strategic Bond Fund from 0.65% to 0.45%
Series A and Advisor Series securities of BMO LifeStage Plus 2022 Fund from 2.00% to 1.65%
Series A and Advisor Series securities of BMO LifeStage Plus 2026 Fund from 2.25% to 2.15%
Series L securities of BMO Tactical Balanced ETF Fund from 0.30% to 0.25%
The company also said that effective immediately, BMO Asset Management Corp. no longer acts as sub-advisor of BMO Canadian Tactical ETF Class and BMO Global Tactical ETF Class. BMO Asset Management Inc. will remain as portfolio manager for these funds and these funds' strategies will change to focus on lower volatility securities.
From November 16 the funds' names will also change to BMO Canadian Low Volatility ETF Class and BMO Global Low Volatility ETF Class, respectively, to align more closely with the revised strategies.
BMO Investments is a financial services firm and separate legal entity from Bank of Montreal. The bank's retail broker, BMO Nesbitt Burns Inc. made headlines recently with the announcement that BMO is to become one of the first Canadian banks to launch a robot advisor.