PH&N Introduces Monthly Income Fund

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Phillips, Hager & North Investment Management Ltd. (PH&N) has introduced their first monthly-pay balanced fund. The fund appropriately named the PH&N Monthly Income Fund, will target a neutral weighting of 50% fixed income and 50% equities.

According to their press release the PH&N Monthly Income Fund is designed to meet the needs of investors seeking a reliable income stream.

The fundamental investment objective of the fund is to provide a relatively high monthly income that may consist of dividend income, interest income, realized capital gains and a return of capital, with the potential for modest capital growth, by investing in a well-diversified balanced portfolio of income producing equity securities, including but not limited to, common shares of Canadian companies that pay dividends and income trusts, and fixed income securities such as preferred shares, government and corporate bonds, debentures and notes. the Fund seeks to offer investors a target annual distribution of 5 per cent but does state that Payout rate may change according to market conditions.

The co-managers are Scott Lamont, head of fixed income at Vancouver-based PH&N, and Scott Lysakowski, a Canadian equity manager who specializes in equity income mandates. Lysakowski, who joined PH&N in 2009 after having previously worked for seven years as a research analyst at RBC AM, will also continue to manage PH&N Canadian Income.

The Management fee for the fund is as follows:

PH&N Monthly Income

Fund - Management Fee
Series D 0.90%
Series C 1.65%
Series F 0.65%

“The PH&N Monthly Income Fund provides a straightforward, quality solution that meets Canadian investors’ demand for dependable income in a low-interest rate environment – whether in retirement or as a supplement to their existing income.” said John Montalbano, head of RBC Global Asset Management. (Both PH&N and RBC AM are wholly owned subsidiaries of Royal Bank of Canada.).

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BMO Investments Inc. Announces a Portfolio Manager Change and Service Fee Adjustments

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BMO Investments Inc. (a member of the BMO Financial Group) announced that effective Jan 08, 2010 they are replacing the portfolio manager of BMO Global Equity Class a class of BMO Global Tax Advantage Funds Inc.

London-based Insight Investment Management (Global) Ltd., formerly Rothschild Asset Management Ltd. is the current manager and will be replaced by Aberdeen Asset Management Inc. Aberdeen Asset Management Inc. is an independent investment manager, managing over C$251 billion for individual and institutional clients throughout the world. The regional investment teams are based in the markets or regions in which they invest. They are based in Aberdeen, Scotland. The global management team for the fund is in Edinburgh, and led by Stephen Docherty.

The fund since it was formed in November 2000, is a second-quartile performer over the five- and six-year periods ended Nov. 30. But over the one- and three-year periods, the fund has performed in the fourth quartile.

In addition in their press release BMO Investments Inc. announced that on our about January 1, 2010, BMO Investments Inc., as manager, will increase the maximum service fee under the sales charge option of BMO Guardian Monthly Dividend Fund Ltd. from 0.75% to 1.00%, under the standard deferred charge option from 0.25% to 0.50%, and under the low load deferred charge option from 0.50% to 1.00%. There will be no increase to the maximum service fee under the sales charge option for Classic Units.

Also effective on or about January 1, 2010, BMO Investments Inc., as manager, will increase the maximum service fee under the low load deferred charge option of BMO Guardian Canadian Diversified Monthly Income Fund from 0.50% to 1.00%. There will be no increase to the maximum service fee under the sales charge option or under the standard deferred charge option.

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Excel Funds Launches BRIC Fund

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On Nov. 3, 2009 Excel Funds, a Mississauga Ontario-based fund company that focuses on investment opportunities in emerging markets launched a new fund named Excel BRIC Fund. The new fund is made up from four existing Excel funds: Excel Latin America, Excel China, Excel India and Excel Emerging Europe.

The four Excel Funds are sub-advised by: Baring Asset Management (Asia) Ltd. in Hong Kong, China managing the Excel China Fund; Birla Sun Life AMC Ltd. in Mumbai, India managing the Excel India Fund; Banco Itau – Unibanco in Sao Paulo, Brazil managing the Excel Latin America Fund; and Baring International Investment Ltd in London, England managing the Excel Emerging Europe Fund.

This combining of four existing funds with proven track records provides investors the opportunity to purchase one fund instead of four.

"The BRIC nations represent more than 40% of the world's population and are among the fastest growing economies," says company President and CEO, Bhim D. Asdhir. "Yet, on the whole, Canadian investors have less than 1% of their investment portfolios invested in these economies. These markets are too big to ignore, as the combined GDP of the BRIC nations now exceed the GDP of the United States of America."

The management fee is scheduled to be 2.5% which is the same as each of the four current funds.

The fund may be purchased with a $500 minimum investment and has both-front end and deferred sales charge options. Speak to your financial advisor if you are interested in making an investment in this fund.

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