Fee cuts and portfolio management changes for selected funds are expected to take full effect in July
Desjardins Investments (DI) has announced changes to the management fees and portfolio management arrangement of certain Desjardins Funds.
In a statement, DI said it will reduce before-tax management fees to six of its funds. Those include:
- Series F of the Desjardins Global Tactical Bond Fund (to be reduced by 15 basis points);
- Series A, T, C, R, F, and S of the Desjardins Dividend Income Fund (to be reduced by 5 basis points);
- Series A, C, F, and D of the Desjardins Overseas Equity Value Fund (to be reduced by nine to 29 basis points);
- Series A, T, C, R, F, S, and D of the Desjardins Global Dividend Fund (to be reduced by five basis points);
- Series, A, C, and D of the Desjardins Global Equity Growth Fund (to be reduced by 2 to 18 basis points); and
- Series A, C, F, and D of the Desjardins Emerging Markets Fund (to be reduced by 5 to 20 basis points)
In addition, DI announced that Desjardins Global Asset Management will serve as the sole portfolio manager for the Desjardins Dividend Income Fund. Fiera Capital will be the portfolio sub-manager for the Desjardins Overseas Equity Value Fund, which will be renamed as the Desjardins Overseas Equity Fund; Lazard Asset Management LLC will act as the portfolio Sub-Manager for the Desjardins Global Equity Value Fund and the Desjardins Emerging Markets Funds.
DI has also approved changes to the investment strategies of the funds impacted by portfolio management changes, putting them in line with the investment philosophy of their respective new portfolio managers and sub-managers. However, their investment objectives will remain unchanged.
DI said the fee reductions and portfolio management changes are expected to come in effect on or about July 9, subject to regulatory approval.