Fund manager announces fund closures, fee changes

The Toronto-based asset manager will be terminating three of its funds by the end of the year

Fund manager announces fund closures, fee changes
Counsel Portfolio Services announced a number of changes to its product offerings, including some name changes, fund closures, and risk rating modifications.

The Toronto-based asset manager renamed its Series D, DB, and DT funds to series F, F5, and FT, respectively. It also noted that it will be moving to a monthly advisory fee collection for the said funds starting next year. This makes Counsel's fee-based offering consistent with others in the industry.

Meanwhile, it also announced risk rating changes of its two funds to conform to the new Canadian Securities Administrators' updated Risk Classification Methodology.

Its Counsel Canadian Dividend fund's rating was changed from low-medium to medium. The same change was applied to its Counsel Canadian Dividend Class fund.

In the past, risk ratings were determined using the risk classification guideline issued by the Investment funds Institute of Canada. Under the current standards, risks are calculated using the methodology prescribed by Canadian securities regulators. This incorporates the product's benchmark or other relevant index where actual historical data is not available or cannot be used.

Counsel also closed several funds and series to all new sales and switches. These include the following:
  • Counsel Canadian Value Class – all retail series
  • Counsel Canadian Growth Class – all retail series
  • Counsel All Equity Portfolio Class – all retail series
  • Counsel Balanced Portfolio Class – Series I only
  • Counsel Conservative Portfolio Class – Series I only
  • Counsel Growth Portfolio Class – Series I only
Additionally, three funds consisting of the Counsel Canadian Conservative Portfolio, the Counsel Canadian Balanced Portfolio, and the Counsel Canadian Growth Portfolio will be terminated by the end of the year. Additional purchases are no longer allowed for these funds.

As at September this year, Counsel has $4.7 billion in assets under management.

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