RBC announces slew of fund changes

RBC announces slew of fund changes

RBC announces slew of fund changes RBC Global Asset Management (RBC GAM) has announced changes to selected RBC funds and Phillips, Hager & North (PH&N) funds.

The first major change involves mergers of three PH&N funds into three RBC funds to avoid an overlap in funds focused on socially responsible investing. Effective June 30, the PH&N Community Values Balanced Fund, the PH&N Community Values Equity Fund, and the PH&N Community Values Global Equity Fund are to be merged into their corresponding RBC Jantzi funds. Unitholders of the terminating PH&N funds will receive units of the corresponding Jantzi funds on a dollar-for-dollar and tax-deferred basis.

Fee reductions were also announced for selected RBC Jantzi funds. Effective June 30, management fees and administration fees will be lowered by 10 basis points and five basis points, respectively, for the following funds and series:
 
Management Fee
Current
Effective June 30
RBC Jantzi Balanced Fund – Series A / Advisor Series
1.85%
1.75%
RBC Jantzi Balanced Fund – Series D
1.10%
1.00%
RBC Jantzi Balanced Fund – Series F
0.85%
0.75%
Administration Fee
Current
Effective June 30
RBC Jantzi Balanced Fund – Series A
0.15%
0.10%
RBC Jantzi Canadian Equity Fund – Series A
0.15%
0.10%
RBC Jantzi Global Equity Fund – Series A
0.20%
0.15%

At the same time, RBC Global Asset Management (UK) will be the sole sub-advisor for the RBC Jantzi Global Equity Fund on or around June 30.

Finally, RBC GAM is proposing changes to the investment objectives to the RBC Jantzi Balanced Fund and the RBC Index funds — namely the RBC Canadian Government Bond Index Fund, the RBC Canadian Index Fund, the RBC US Index Fund, the RBC US Index Currency Neutral Fund, and the RBC International Index Currency Neutral Fund — to adjust the investment options available for their respective portfolios. Benchmark changes are also being proposed for the RBC Index funds. The investment objective and benchmark change proposals are subject to unitholder approvals, as necessary, at a special unitholder meeting expected to be held on or about June 22 in Toronto.


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