Asset manager telegraphs caps and re-designations for certain funds and series
RBC Global Asset Management (RBC GAM) is making a slew of changes to certain series of its investment funds.
The firm announced that effective June 26, Advisor Series and Advisor T5 Series units and mutual fund shares of RBC Funds, BlueBay Funds, PH&N Funds and RBC Corporate Class Funds will be capped. Any purchases made through pre-authorized contribution plans set up prior to June 26 will be allowed until August 4.
Initial sales charge (ISC) and low-load (LL) sales charge options for Advisor Series and Advisor T5 Series units and mutual fund shares will be re-designated to the corresponding series A or series T5 units or mutual fund shares, as applicable, on August 4.
No redemption fees will be charged on LL option for Advisor Series and Advisor T5 Series units and mutual-fund shares that are re-designated to Series A or Series T5. Advisor Series and Advisor T5 Series units of RBC Funds and BlueBay Funds with a deferred sales charge (DSC) option will remain capped and invested following pre-existing redemption schedules.
The firm also announced plans to re-designate Series H and Series I units and mutual fund shares of the BlueBay Global Convertible Bond Fund (Canada), BlueBay Global Monthly Income Bond Fund, and BlueBay Global Convertible Bond Class (Canada) to their corresponding Series A or Series F units or mutual fund shares.
The re-designation will take effect on June 26.