TORONTO--(BUSINESS WIRE)--Foresters Financial Investment Management Company of Canada Inc. (“FFIMCO”), the manager of the imaxxFunds, is pleased to announce that effective May 1, 2017, FFIMCO will absorb a portion of the imaxxFund’s operating expenses in order to lower the Management Expense Ratio (“MER”).
The decision to absorb any portion of the imaxxFund’s operating expenses is reviewed periodically and determined at the discretion of the Manager.
The changes to the MERs are summarized in the following table:
|imaxx Canadian Bond Fund Class A||1.40%||1.89%||1.57%||0.32%|
|imaxx Canadian Bond Fund Class F||0.85%||1.28%||0.87%||0.41%|
|imaxx Canadian Dividend Fund Class A||2.00%||2.75%||2.29%||0.46%|
|imaxx Canadian Dividend Fund Class F||1.00%||N.A.||1.15%||N.A.|
|imaxx Canadian Fixed Pay Fund Class A||1.95%||2.60%||2.30%||0.30%|
|imaxx Canadian Fixed Pay Fund Class F||1.00%||1.53%||1.13%||0.40%|
|imaxx Canadian Equity Growth Fund Class A||2.00%||2.80%||2.46%||0.34%|
|imaxx Canadian Equity Growth Fund Class F||1.00%||1.70%||1.29%||0.41%|
|imaxx Global Equity Growth Fund Class A||2.10%||3.01%||2.55%||0.46%|
|imaxx Global Equity Growth Fund Class F||1.10%||1.96%||1.33%||0.63%|
*Based on the 2016 audited Financial Statements and Annual Management Report of Fund Performance.
Gregory Ross, FFIMCO’s president and CEO, stated: “In an era of sustained low interest rates, and more muted investment returns, we need to be mindful of management fees eating into investors’ returns, especially given FFIMCO’s focus on income and capital preservation solutions. We’ve taken this step to ensure that we continue to provide enviable returns to our unitholders, at competitive rates.”
The changes to the MERs will be reflected in the updated Simplified Prospectus and Fund Facts to be released in May 2017. The investment objectives of the imaxxFunds remain unchanged.
About Foresters Financial™
FFIMCO is part of Foresters Financial, an international financial services provider with more than three million clients and members in Canada, the United States and the United Kingdom. We provide life insurance, savings, retirement and investment solutions that help families achieve their financial goals and make a lasting difference in their lives and communities. In Canada, products are offered by The Independent Order of Foresters and its subsidiary Foresters Life Insurance Company. Investment products are offered by Foresters Asset Management Inc., and FFIMCO.
Foresters Financial has over 40 investment professionals worldwide, managing a total combined AUM of $43 billion (all figures in Canadian dollars as of December 31, 2016). For more information on FFIMCO and the imaxxFunds, visit www.imaxxwealth.com
Foresters Financial and Foresters are trade names and trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9) and its subsidiaries.
™imaxx, imaxxFunds and imaxxwealth are trademarks of Foresters Financial Investment Management Company of Canada Inc.