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15.01.2018 23:00
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Manulife Investments Announces Mutual Fund Platform Changes
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Canada NewsWire
TORONTO, Jan. 15, 2018
C$ unless otherwise stated
TSX/NYSE/PSE: MFC
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TORONTO, Jan. 15, 2018 /CNW/ - Manulife Investments today announced a number of proposed changes to its mutual fund platform and to the Canadian Small Cap Equity team.
In an effort to streamline and improve the experience for investors and advisors, subject to applicable regulatory and securityholder approvals, Manulife Investments proposes to:
- implement a series of fund mergers
- re-open an existing closed fund to new purchases
- change the names of certain funds
- change the investment objectives of certain funds
- close certain funds to all purchases
- adjust the distribution policy for certain funds
- reduce the management fees for certain funds
"We are focused on delivering value for our clients," said Bernard Letendre, Head of Wealth and Asset Management, Canada and President & CEO, Manulife Investments. "These changes simplify our product offering to provide both our clients and advisors with a more streamlined platform of high quality funds."
Fund Mergers
The proposed changes are designed to eliminate overlap and streamline Manulife's platform for advisors and investors.
The Independent Review Committee of the funds has reviewed the proposed mergers and concluded that they achieve a fair and reasonable result for the impacted funds.
The securityholders of the Terminating Funds will receive advance notice of the mergers or, in the case of those mergers that require securityholder approval (including in some cases, the securityholders of the Continuing Funds), a Notice of Meeting and Management Information Circular, in accordance with applicable securities laws. The required securityholder approvals will be sought at special meetings to be held on or about April 4, 2018 for securityholders of record as of February 20, 2018.
Subject to those approvals, Manulife Investments is proposing to merge the following funds on or about the close of business on April 20, 2018:
| Terminating Fund | Continuing Fund |
| Manulife Asia Total Return Bond Fund | Manulife Global Tactical Credit Fund |
| Manulife U.S. Dollar Floating Rate | Manulife U.S. Dollar Strategic Income |
| Manulife Canadian Opportunities | Manulife Canadian Monthly Income Class |
| Manulife Canadian Dividend Growth | Manulife Canadian Dividend Income |
| Manulife Preferred Income Class | Manulife Dividend Income Class |
| Manulife Canadian Opportunities Class | Manulife Canadian Stock Class |
| Manulife U.S. Dividend Income | Manulife U.S. Dividend Income Fund |
Manulife Investments is also proposing to merge the following funds on or about the close of business on May 25, 2018:
| Terminating Fund | Continuing Fund |
| Manulife Money Fund | Manulife Money Market Private Trust |
| Manulife Short Term Bond Fund | Manulife Money Market Private Trust |
| Manulife Canadian Corporate Bond Fund | Manulife Canadian Bond Plus Fund |
| Manulife High Yield Bond Fund | Manulife U.S. Tactical Credit Fund |
| Manulife Emerging Markets Debt Fund | Manulife Global Tactical Credit Fund |
| Manulife Canadian Opportunities | Manulife Canadian Monthly Income Fund |
| Manulife Tactical Income Fund | Manulife Canadian Monthly Income Class |
| Manulife Unhedged U.S. Monthly High | Manulife U.S. Monthly High Income Fund |
| Manulife Conservative Income Fund | Manulife Yield Opportunities Fund |
| Manulife Canadian Opportunities Fund | Manulife Canadian Stock Fund |
| Manulife U.S. Dividend Income Class | Manulife U.S. Dividend Income Fund |
| Manulife Emerging Markets Class | Manulife Emerging Markets Fund |
| Manulife U.S. Fixed Income Private Trust | Manulife Global Fixed Income Private |
The risk rating of Manulife Preferred Income Class is low to medium and the risk rating of Manulife Dividend Income Class is medium. This merger will result in a risk rating increase to the securityholders of Manulife Preferred Income Class.
In the event a merger would have resulted in a higher management fee for an investor, Manulife Investments will instead honor the lower management fee and, if necessary, create additional series for the Continuing Fund to give effect to the lower management fee for units outstanding as of the effective date of the merger and the related automatic reinvestment of distributions for those units. No pre-authorized chequing plans will be re-established in the series created for grandfathering purposes.
All Terminating Funds for the proposed April 20, 2018 mergers will be capped to new purchases and redemptions as of 4:00pm (Toronto time) on April 18, 2018 for wire orders over Fundserv and as of 4:00pm (Toronto time) on April 20, 2018 for direct orders to allow for the mergers to be processed. In addition, all Terminating Funds will be capped to switches and transfers over Fundserv as of 4:00pm (Toronto time) on April 19, 2018.
All Terminating Funds for the proposed May 25, 2018 mergers will be capped to new purchases and redemptions as of 4:00pm (Toronto time) on May 23, 2018, or on May 24, 2018 for the Manulife Money Fund, for wire orders over Fundserv and as of 4:00pm (Toronto time) on May 25, 2018 for direct orders to allow for the mergers to be processed. In addition, all Terminating Funds will be capped to switches and transfers over Fundserv as of 4:00pm (Toronto time) on May 24, 2018.
Portfolio Manager Update
Manulife Asset Management today announced changes to its Canadian Small Cap Equity team. Manulife Asset Management is merging its Canadian Small Cap Equity team with its Canadian Large Cap Growth team to form a single Canadian Growth team. Shauna Sexsmith, Senior Managing Director and Senior Portfolio Manager, will assume leadership responsibilities for the combined Canadian Growth team.
Luciano Orengo, long-time co-portfolio manager on Manulife Asset Management's Canadian Small Cap strategies, will now become lead manager, replacing Ted Whitehead as head of the Canadian Small Cap strategies. Ted will be leaving the company as of February 28, 2018 to pursue other opportunities.
Luciano has been named Managing Director and Senior Portfolio Manager of:
- Manulife Growth Opportunities Fund
- Manulife Growth Opportunities Class
Luciano has worked on these funds for ten years and has 20 years' investment experience.
As previously mentioned in the Fund Mergers section, we expect, subject to the necessary approvals, that the following four funds will undergo mergers in April/May.
- Manulife Canadian Opportunities Fund
- Manulife Canadian Opportunities Class
- Manulife Canadian Opportunities Balanced Fund
- Manulife Canadian Opportunities Balanced Class
Luciano will be the lead manager of these funds until the merger dates.
Fund Re-opening
The Manulife U.S. Dividend Income Fund will be re-opened to new investors on or about January 31, 2018. The Fund, managed by the Manulife Value Equity Team, was proactively capped to new investors on January 25, 2016 as part of a business decision related to the integration with Standard Life.
Fund Name Changes
The following Funds will change names effective on or about April 6, 2018:
| Current Fund Name | New Fund Name |
| Manulife Money Market Private Trust* | Manulife Money Market Fund |
| Manulife Canadian Bond Plus Fund | Manulife Canadian Unconstrained |
| Manulife U.S. Tactical Credit Fund | Manulife U.S. Unconstrained Bond |
| Manulife Global Tactical Credit Fund | Manulife Global Unconstrained Bond |
| Manulife Canadian Monthly Income Fund | Manulife Fundamental Income Fund |
| Manulife Canadian Monthly Income Class | Manulife Fundamental Income Class |
| Manulife Canadian Equity Balanced Class | Manulife Fundamental Balanced Class |
| Manulife Canadian Dividend Income Fund | Manulife Fundamental Dividend Fund |
| Manulife Canadian Dividend Income Class | Manulife Fundamental Dividend Class |
| Manulife Canadian Stock Fund | Manulife Fundamental Equity Fund |
| Manulife Canadian Stock Class | Manulife Fundamental Equity Class |
| Manulife Canadian Focused Fund | Manulife Dividend Income Plus Fund |
| Manulife Canadian Focused Class Werbung Mehr Nachrichten zur Manulife Financial Corp Aktie kostenlos abonnieren
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