2012
The following summarizes recent changes relating to the investment funds offered under the Manulife
Investment Watch (i-Watch®) and its respective investment manager(s). For more information,
call us at 1-800-242-1704.
AGF Investments Inc.
Changes to the AGF Global & Emerging Markets team
On August 16, 2012, AGF announced changes in their Toronto-based Global and Emerging Markets team.
Tim Codrington has joined the team as an Associate Portfolio Manager and will cover the Consumer Discretionary and Consumer Staples sectors. Tim adds more than 14 years of international investment management expertise to the team.
Vinod Dasaratha has joined the team as an Investment Analyst responsible for macroeconomic research as well as covering the Utilities sector. Vinod brings over 7 years of experience in asset management to the team.
Sanjay Luthra has joined AGF as an Investment Analyst and will cover the Information Technology and Telecommunication sectors. Sanjay brings over 13 years of experience to the team.
The AGF Emerging Markets Equity Fund is the underlying fund for the Manulife Emerging Markets Fund (AGF).
AGF announces Portfolio Manager changes
On April 9, 2012, AGF Management Limited announced that Patricia Perez-Coutts, Senior Vice President and Portfolio Manager will be leaving AGF effective May 2, along with two of her associates.
Stephen Way, Senior Vice President, Portfolio Manager and an AGF veteran of 25 years, will take over as Lead Manager of the AGF Emerging Markets Fund. He will be supported by long-standing global team member, Alpha Ba, CFA, who will assume the role of Co-Lead Manager of the fund. The AGF Emerging Markets Fund is the underlying fund for Manulife Emerging Markets Fund (AGF).
Artio Global Management LLC
New member in the Global Equity team at Artio Global Management LLC
On October 23, 2012, Artio Global Management LLC (“Artio Global”) announced that Senior Research Analyst Christopher Mashia, CFA, joined the Artio Global Equity Strategy team reporting to Keith Walter, Head of Global Equity. Mr. Mashia has been a member of Artio Global since 2008 supporting their four US Equity Strategies.
Within the already established Global Equity team, Mr. Mashia will cover US stocks with particular focus on those sectors where the US market does not closely correlate with the rest of the world such as financials and utilities.
The Artio Global Equity (Canada) Fund is the underlying fund for the Global Equity Fund (Artio) on the Q&C platform.
Artio Global Management announces Portfolio Manager changes
In May 2012, Artio Global Management (Artio) announced that Keith Walter was returning to Artio to manage the Global Equity strategy as Head of Global Equities. Mr. Walter originally joined the firm in 1999, and as of 2001, became one of the original Global Equity portfolio managers at Artio. Following the return of Mr. Walter, Dimitre Genov is no longer with the firm.
Mr. Walter is responsible for managing the Global equity portfolio using the same process and resources as have always been in place. Rudolph-Riad Younes remains the Head of International Equities and continues to provide valuable macro insights and opinions on the broader global equity markets. The analytical resources across the International and U.S. equities teams remain available to the Global Equity Strategy.
BlackRock Asset Management Canada Limited
Benchmark change for the BlackRock Active Canadian Equity Fund
September 7, 2012
BlackRock Asset Management Canada Limited has announced that on or around September 28, 2012, the benchmark for the BlackRock Active Canadian Equity DC Fund will change to the S&P/TSX Capped Composite Index. The current Fund's benchmark is the S&P/TSX Equity Index.
This change follows the S&P Canadian Index Services recent announcement that it will cease calculation of five equity-only indices, including the S&P/TSX Equity Index, in December 2012, as the conversion of most income trusts back to corporations has rendered them unnecessary.
The BlackRock Active Canadian Equity DC Fund is the underlying fund for the Manulife Canadian Equity Fund (BlackRock).
Ethical Funds
Change of benchmark for the Ethical Balanced Fund
August 2012. Following the announcement from NEI Investments in April 2012, regarding the change of sub-advisor from Guardian Capital Management to OtterWood Capital Management Inc., for the Ethical Balanced Fund, we would like to inform you of a change in benchmark for the Fund. The benchmark has changed from a benchmark composed of 40% S&P/TSX Composite Index + 25% MSCI World Index ($C) + 35% DEX Universe Bond Index to a benchmark composed of 40% S&P/TSX Composite Index + 10% MSCI World Index ($C) + 50% DEX Universe Bond Index.
The Ethical Balanced Fund is the underlying fund for the Manulife SRI Balanced Fund (Ethical Funds).
Change of sub-advisor for the SRI Balanced Fund (Ethical Funds)
On April 11, 2012, NEI Investments announced that the sub-advisor for the Ethical Balanced Fund has changed from Guardian Capital Management to OtterWood Capital Management Inc., led by portfolio manager Christine Hughes.
It is expected that OtterWood Capital Management Inc. will assume investment management responsibilities for the $330 million Ethical Balanced Fund on May 14, 2012.
The investment strategies of the fund will be adjusted to conform to Ms. Hughes's investment approach. The fund will no longer be systematically re-balanced back to asset class allocation as the sub-advisor will be given more flexibility to adjust between asset classes based on its market views from time to time. Also, the fund will be given the potential to use a wider array of derivatives, make exchange-traded fund investments, and engage in short selling (upon notice to security holders) and, subject to regulatory approval, invest up to 10% of its assets in precious metals.
In light of the above-mentioned changes, the investment policy for the Manulife segregated fund will be modified accordingly.
The Ethical Balanced Fund is the underlying fund for the Manulife SRI Balanced Fund (Ethical Funds).
Foyston, Gordon & Payne Inc.
Foyston, Gordon & Payne Inc. Announces Retirement of CIO
In June 2012, Foyston, Gordon & Payne Inc. (FGP) announced that Jim Martin will be retiring effective November 30, 2012. Mr. Martin will remain Chairman of the FGP Board of Directors. Steve Copeland, Sr. Vice President is assuming Mr. Martin’s role as Chair of the Investment Committee.
Note: The Manulife Investment Program team was formally advised of this change in March 2014.
Franklin Templeton Investments Corp.
CIO change at Templeton Global Equity Group
On July 11, 2012, Templeton Global Equity Group (“TGEG”) announced the appointment of Norm Boersma as Chief Investment Officer of TGEG. This appointment follows the unexpected passing of Gary Motyl, who served as the Chief Investment Officer of TGEG. As CIO, Mr. Boersma will continue to be based in Nassau, Bahamas and will oversee the portfolio management responsibilities and day-to-day activities for the group. Mr. Boersma has been with the firm for 20 years.
The Templeton Global Equity Trust is the underlying fund for the Global Equity Fund (Templeton) available on the Q&C platform.
GE Asset Management Incorporated
GE Asset Management announces changes for the US Multi-Style Equity strategy
On June 1, GE Asset management announced that the US Multi-Style Equity strategy, employed within their GE Institutional U.S. Equity Fund – Investment Class, changed the composition of its strategies.
The U.S. Premier Growth strategy managed by the Chief Investment Officer of U.S. Equities, Dave Carlson, will replace the U.S. Disciplined Growth component of the strategy managed by Tom Lincoln. Furthermore, the U.S. Research Select component managed by Dave Carlson will also be removed and replaced by the U.S. Select Value managed by Steve Gelhaus.
The allocation between strategies is set to change from:
- 40 % Disciplined Growth managed by Tom Lincoln
- 40 % Core Value Strategy managed by Paul Reinhardt and Steve Gelhaus
- 20 % U.S. Research Select managed by Dave Carlson
To the following:
- 40 % Core Value Strategy managed by Paul Reinhardt and Steve Gelhaus
- 30 % Premier Growth managed by Dave Carlson
- 30 % Select Value managed by Steve Gelhaus
With the growth component now managed by Dave Carlson, Tom Lincoln will no longer be involved in the strategy. All the remaining portfolio managers were already involved in the US Multi-Style Equity strategy.
The GE Institutional U.S. Equity Fund – Investment Class, which deploys this strategy, is the underlying fund for the Manulife U.S. Equity Fund (GEAM).
Invesco Canada Limited
Change in Portfolio Manager for the Global Equity Fund (Invesco Trimark)
On March 8, 2012, Invesco Canada announced that Michael Hatcher has assumed leadership of the Trimark Fund. Mr. Hatcher currently serves as a member of Invesco Canada's investment leadership team. He has more than 15 years of investment management experience and is also lead portfolio manager of the Trimark Europlus Fund and the Trimark Global Fundamental Equity Fund/Class.
Mr. Hatcher will be working with the existing team of Darren McKiernan (co-manager), Jeff Feng (co-manager) and Kevin Kaminski (portfolio analyst). This team has been involved with managing the Trimark funds for the past two years. Mr. Hatcher will continue to serve as part of Trimark's investment leadership team as the Head of Global Equities and Director of Research.
Dana Love, who previously served as portfolio manager on the Trimark Fund, will be leaving Invesco Canada. The Trimark Fund is the underlying fund investment for Manulife's Global Equity Fund (Invesco Trimark).
Jarislowsky Fraser Limited
An update regarding the recent changes to Jarislowsky Fraser’s management structure
On December 12, 2012 the Investment Program team met with key partners of Jarislowsky Fraser Limited. This meeting included individuals from the Board of Directors, the Executive Committee and the Investment Strategy Committee. The purpose of the meeting was to better understand and further elaborate on the recent corporate changes at Jarislowsky Fraser Limited.
Based on the information that was provided to the Investment Program team at this meeting, we believe the recent departures, as an isolated event, should not materially impact the day to day investment process. Jarislowsky Fraser’s investment decision-making continues to be team based and driven by the Investment Strategy Committee, which remains largely intact.
However the Investment Program team does recognize that these departures were significant enough to warrant a heightened level of monitoring and surveillance in order to ensure that there is no detrimental impact to the portfolio management activities over the medium and long-term.
Jarislowsky Fraser makes changes to management structure as it plans for succession
On November 5, 2012, Jarislowsky Fraser Limited (Jarislowsky Fraser) announced that Mr. Len Racioppo and Mr. Marc Trottier have resigned from the firm effective November 30, 2012. As a result, and as part of the firm’s succession planning process, Jarislowsky Fraser is announcing changes to its management structure, with the following modifications to the composition of their Executive Committee and Investment Strategy Committee:
- Mr. Pierre Lapointe has been named Chairman of the Executive Committee;
- Ms. Margot Ritchie, CFA, Ms. Erin O’Brien, CFA and Mr. Chris Kresic, CFA, will join the Executive Committee;
- Ms. Ritchie (a former Investment Strategy Committee member) and Mr. Kresic will co-chair the Investment Strategy Committee;
- Mr. Bernard Gauthier joins the Investment Strategy Committee;
- Both Mr. Racioppo and Mr. Trottier will continue to work with the firm until their departure to ensure a smooth transition.
In addition, Stephen Jarislowsky will begin to transition out of his responsibilities as Chief Executive Officer of the firm, while maintaining his role as Chairman of the Board.
This modified management structure will enable the firm to draw on its deep pool of tenured management and investment talent and put still greater emphasis on the existing executive committee structure and its strong, experienced teams while it continues to plan for succession. They remain committed to the disciplined, low-risk, bottom-up approach that the firm has taken throughout its 57-year history.
Quality & Choice commentary
Based on the information available to us at this point in time, the changes at Jarislowsky Fraser are not expected to have a negative impact on the day-to-day management of their funds. However, as part of our ongoing governance process, we will continue to closely monitor these significant corporate events and communicate our assessment in our upcoming Report Cards.
Jarislowsky Fraser announces changes in management for the U.S and Canadian Equity portfolios
In the second quarter of 2012, Bernard Gauthier, CFA and Charles Nadim, CFA have been named Assistant Lead Managers for U.S. and Canadian equities, respectively. For the past few months, Mr. Gauthier has been working with Charlie Ongking, CFA, Lead Manager- U.S. Equities and Mr. Nadim with Helen Beck, CFA, Lead Manager- Canadian Equities.
Mr. Gauthier has 25 years industry experience and covers the financial services industry for both Canadian and U.S. equity portfolios.
Mr. Nadim has 14 years of industry experience and covers the technology, telecom, and agricultural commodity industries for Canadian equity portfolios.
The Jarislowsky Fraser US Equity Fund is the underlying fund for the Manulife US Equity Fund (Jarislowsky Fraser) and the Jarislowsky Fraser Canadian Equity Fund is the underlying fund for the Manulife Canadian Equity Fund (Jarislowsky Fraser).
Departure of the Co-Lead Manager, U.S. Equities, at Jarislowsky Fraser
On February 22, 2012, Jarislowsky Fraser Limited announced the resignation of Sami Hazboun, Co-Lead Manager, U.S. Equities, from the firm.
Charlie Ongking became the sole lead manager for U.S. Equities. Mr. Ongking is a Partner at Jarislowsky Fraser and is a member of their Investment Strategy Committee. He has been with the firm for over 10 years and has 15 years of investment experience. Mr. Ongking also continues to act as Co-Lead Manager, Global Equities and to do research coverage in the HealthCare, Consumer Staples and Technology sectors.
Sami Hazboun had been with the firm for 3 years and was a Senior Associate. At the present time, Jarislowsky Fraser is not planning on replacing Mr. Hazboun. The research coverage of the industrials sector, previously Mr Hazboun's responsibility, has been distributed among Jarislowsky Fraser's team of analysts.
The Jarislowsky Fraser U.S. Equity Fund is the underlying fund for the Manulife U.S. Equity Fund (Jarislowsky Fraser).
MFS McLean Budden
Change of benchmark for the MFS McLean Budden Balanced Growth Pension Fund
At the end of October 2012, MFS McLean Budden will modify the benchmark of the MFS McLean Budden Balanced Growth Pension Fund to align the non-Canadian portion of the blended benchmark to that of the underlying mandates.
The benchmark will change to 30% S&P/TSX Capped Composite Index + 15% S&P 500 Index (Net) + 15% MSCI EAFE Index (Net) + 35% DEX Universe Bond Index + 5% DEX 91-day T-Bill Index.
The MFS McLean Budden Balanced Growth Pension Fund is the underlying fund for the Balanced Fund (MFS McLean Budden) on the Q&C platform.
An update regarding McLean Budden Funds at Manulife
APRIL 2012 - McLean Budden Limited became a wholly-owned subsidiary of MFS Institutional Advisors, Inc. (“MFS”), a subsidiary of Sun Life Financial, on November 7, 2011. The new entity is now called MFS McLean Budden.
As part of the transition of McLean Budden's business to the MFS group, MFS McLean Budden has announced that several of their pooled and mutual funds representing the underlying funds in Manulife's group segregated funds, will implement certain specific changes to their investment guidelines. Consequently, some of these changes will have an impact on the investment policies of the Manulife segregated funds that employ the related McLean Budden funds as their underlying investments.
For full details on the changes, please click here.
Mawer Investment Management Ltd.
Gerald Cooper-Key retires after 31 years with Mawer
At the end of December 2011, Gerald Cooper-Key retired after 31 years with the firm, following a two-year transition where he maintained an active role on a part-time basis providing broad input into all of Mawer’s global and international asset management. Mr. Cooper-Key will continue working as an active owner and director for the firm.
The Mawer International Equity Fund is the underlying fund for the International Equity Fund (Mawer) available on the Q&C platform.
Russell Investments Canada Limited
Changes in the LifePoints Portfolio Funds of Russell Investments Canada Limited
July 2012
There were changes made to the asset allocation of the underlying funds for the following Manulife funds: LifePoints Balanced Income Portfolio Fund (Russell), LifePoints Balanced Growth Portfolio Fund (Russell), LifePoints Long-Term Growth Portfolio Fund (Russell). The changes are as follows:
| Name of Fund | Previous Asset allocation | New Asset Allocation |
|---|---|---|
| LifePoints Balanced Income Portfolio Fund (Russell) | Russell Canadian Equity Fund (12%) Russell Canadian Fixed Income Fund (65%) Russell U.S. Equity Fund (8%) Russell Overseas Equity Fund (7%) Russell Global Equity Fund (8%) |
Russell Canadian Dividend Pool (12%) Russell Canadian Fixed Income Fund (63%) Russell U.S. Equity Fund (7%) Russell Overseas Equity Fund (6.5%) Russell Global Equity Fund (6.5%) Russell Global High Income Bond Pool (5%) |
| LifePoints Balanced Growth Portfolio Fund (Russell) | Russell Canadian Equity Fund (20%) Russell Canadian Fixed Income Fund (40%) Russell U.S. Equity Fund (14%) Russell Overseas Equity Fund (13%) Russell Global Equity Fund (13%) |
Russell Canadian Equity Fund (19%) Russell Canadian Fixed Income Fund (38%) Russell U.S. Equity Fund (12.5%) Russell Overseas Equity Fund (12%) Russell Global Equity Fund (8.5%) Russell Smaller Companies Pool (2.5%) Russell Emerging Markets Equity Pool (2.5%) Russell Global High Income Bond Pool (5%) |
| LifePoints Long-Term Growth Portfolio Fund (Russell) | Russell Canadian Equity Fund (27%) Russell Canadian Fixed Income Fund (20%) Russell U.S. Equity Fund (18%) Russell Overseas Equity Fund (17%) Russell Global Equity Fund (18%) |
Russell Canadian Equity Fund (24.5%) Russell Canadian Fixed Income Fund (18%) Russell U.S. Equity Fund (17.5%) Russell Overseas Equity Fund (16%) Russell Global Equity Fund (11%) Russell Smaller Companies Pool (4%) Russell Emerging Markets Equity Pool (4%) Russell Global High Income Bond Pool (5%) |
Manulife
Merger of the Manulife Corporate Bond Fund (SLI) and the Manulife Corporate Bond Fund (SLMF)
September 18, 2012
On or around November 20, 2012, the Manulife Corporate Bond Fund (SLI) will be merged with the Manulife Corporate Bond Fund (SLMF). We arrived at this business decision by taking into consideration the fact that the Manulife Quality & Choice investment platform currently has two Corporate Bond Funds with similar investment styles and similar investment objectives.
At the merger date, the Corporate Bond Fund (SLI) will become an underlying security of the Corporate Bond Fund (SLMF) until all securities of this latter fund are disposed of overtime. The investment policy of the Corporate Bond Fund (SLI) will change to be exactly the same as the SLMF fund.
The investment policy of the Manulife Corporate Bond Fund (SLMF) can be found in the Plan Sponsor section of the Manulife VIP Room Group Retirement website (www.standardlife.ca).
Manulife makes changes to its Mortgage Fund
Effective June 30 2012, Manulife has made changes to the asset allocation guidelines of its Mortgage Fund. The Manulife Mortgage Fund will now permit up to 30% in cash and in the Short Term Bond Fund (SLI) within its portfolio.
The Fund's portfolio structure is now set within the following asset allocation parameters:
Fixed income Minimum 70% Maximum 100%
Cash & Equivalent and Minimum 0% Maximum 30%
Short Term Bond Fund (SLI)
Manulife Investments Inc.
Change of benchmark for the Canadian Equity Index Fund (SLI) and the Canadian Equity Capped Index Fund (SLI)
November 7, 2012
S&P Canadian Index Services will cease calculation of five equity-only indices in December 2012, as the conversion of most income trusts back to corporations has rendered them unnecessary. Following this announcement, Manulife has decided to change the benchmark of the Canadian Equity Index Fund (SLI) and the Canadian Equity Capped Index Fund (SLI). These changes will occur on December 18, 2012.
| Name of Fund | Current benchmark | New benchmark as of December 18, 2012 |
| Canadian Equity Index Fund (SLI) | S&P/TSX Equity Index | S&P/TSX Composite Index |
| Canadian Equity Capped Index Fund (SLI) | S&P/TSX Capped Equity Index | S&P/TSX Capped Composite Index |
Merger of the Manulife Corporate Bond Fund (SLI) and the Manulife Corporate Bond Fund (SLMF)
September 18, 2012
On or around November 20, 2012, the Manulife Corporate Bond Fund (SLI) will be merged with the Manulife Corporate Bond Fund (SLMF). We arrived at this business decision by taking into consideration the fact that the Manulife Quality & Choice investment platform currently has two Corporate Bond Funds with similar investment styles and similar investment objectives.
At the merger date, the Corporate Bond Fund (SLI) will become an underlying security of the Corporate Bond Fund (SLMF) until all securities of this latter fund are disposed of overtime. The investment policy of the Corporate Bond Fund (SLI) will change to be exactly the same as the SLMF fund.
The investment policy of the Manulife Corporate Bond Fund (SLMF) can be found in the Plan Sponsor section of the Manulife VIP Room Group Retirement website (www.standardlife.ca).
Changes to the SLI Global Equities Team
On September 12, 2012, Manulife Investments announced that Lance Phillips has decided to leave the firm to pursue other opportunities.
David Cumming, Executive Director and Head of Equities, will maintain overall leadership for the equity teams.
Stephen Weeple, a senior portfolio manager within their Global Equity Team, will take on responsibility for the global equity portfolios previously managed by Mr. Phillips. Mr. Weeple is an experienced international equity analyst and portfolio manager, having previously undertaken roles as Emerging Markets Analyst, a senior member of their European Equity Team and Head of their US Equity Team.
They have also announced that Wesley McCoy will be rejoining Manulife Investments on October 1, 2012 as a member of the Global Equity Team from Odey Asset Management, where he worked on their global multi-asset hedge fund.
Changes to the SLI Multi Asset Investing team
On September 12, 2012, Manulife Investments announced that changes had taken place within their 25 Multi Asset Investing Team. Investment Directors David Millar, David Jubb and Richard Batty have resigned and will be leaving the company.
Euan Munro, who has been with the firm for a number of years, will continue to lead the MAI team.
Ian Pizer will transfer from the Government bond team to the MAI team. He will assume the chairmanship of the Bond Investment Group (BIG). Mr. Pizer will continue to have responsibility for the ARGBS fund and for generating investment ideas for the GARS portfolio and will now report to Guy Stern.
Roger Sadewsky, who co-manages the ARGBS portfolio with Mr. Pizer, will continue with his existing responsibilities, but will now make a more formalised contribution to the MAI team strategies through his inclusion in the Strategic Investment Group (SIG), and will continue to provide credit strategies for use in the credit, ARGBS and GARS portfolios.
Neil Richardson, who reports directly to Mr. Munro, will assume responsibility within the MAI team for overseeing the equity strategies within the absolute return portfolios.
Both Ian Pizer and Roger Sadewsky have been working with the MAI team for a number of years and have been strong contributors to idea generation for the MAI team. Since joining Manulife Investments in 2011, Neil Richardson has contributed ideas to both the credit and MAI teams utilising his experience in equity management, and this will continue with a more formalised portfolio management contribution to the MAI team portfolios.
There will be no change to investment process.
Manulife Investments appoints new Head of Canadian Real Estate
On September 18, 2012, Manulife Investments announced the appointment of Mr. Blair McCreadie as Head of Canadian Real Estate. Mr. McCreadie will be responsible for the overall operation of Manulife Investments (Real Estate) Inc. (SLIRE) in Canada. This role will include oversight of the Manulife Real Estate Fund portfolio management team, now responsible for the management of over $1 billion of real estate assets.
Mr. McCreadie has over 20 years of direct real estate expertise and has played a key role within the real estate team over recent years.
Changes to the Real Estate Team at Manulife Investments
On August 13, 2012, Manulife Investments announced that Peter Cuthbert resigned his position as Head of Canadian Real Estate to pursue other career opportunities. Blair McCreadie, Fund Manager, who has been with Manulife group for 15 years, assumes the leadership of the team on an interim basis.
According to Roger Renaud, President of Manulife Investments, the depth of their Canadian and Global real estate resources, their rigorous investment process and their team-based approach will allow for a smooth transition. Glenn D'Silva, Fund Manager, will continue to be responsible for the management of the Manulife Real Estate Fund. Transactions currently underway will continue as planned. The investment of the real estate queue scheduled for September 2012 will proceed without interruption.
UBS Global Asset Management (Canada)
Fiera Capital acquires the Canadian Fixed Income, Canadian Equity and Balanced account business of UBS Global Asset Management (Canada)
On December 11, 2012, Fiera Capital Corporation (“Fiera”) announced that it has reached an agreement with UBS Global Asset Management (Canada) Inc. (“UBS Global AM”), to purchase UBS Global AM’s Canadian fixed income, Canadian equity and domestic balanced account business representing assets under management of approximately $8 billion for a cash consideration of $52 million, subject to certain adjustments.
The transaction, which is subject to customary conditions, including regulatory approval, is expected to close in the first quarter of 2013.
Q&C commentary
Subsequent to the approval of the transaction and as Fiera provides more details; an investment update from the Investment Program team will be made available.
New Appointments in the UBS Global US Equities Core/Value team
On September 14, 2012, UBS Global Asset Management announced that Tom Digenan has been appointed Head of US Equities Core/Value. He will also assume lead portfolio manager responsibilities for most US Equities Core/Value strategies, including the UBS (Canada) American Equity Fund.
Mr. Digenan has been with the firm for nearly 20 years, including 10 years as Senior Equity Strategist on the US Equities Core/Value team.
Scott Wilkin has been appointed to the role of Director of Research for the US Equities Core/Value team. Mr. Wilkin has been a member of that team since joining the firm in 2003 and has led the healthcare sector stock research and analysis since 2008.
The UBS (Canada) American Equity Fund is the underlying fund for the Manulife American Equity Fund (UBS Global).
Change of benchmark for the UBS (Canada) Balanced Fund
Effective July 1, 2012, the benchmark for the UBS (Canada) Balanced Fund has changed from a benchmark composed of 35% S&P/TSX Composite Index + 27% MSCI World Index ex-Canada ($C) + 36% DEX Universe Bond Index + 2% DEX 91 day T-Bill Index to a benchmark composed of 35% S&P/TSX Composite Index + 27% MSCI ACWI Index ($C) + 36% DEX Universe Bond Index + 2% DEX 91-day T-Bill Index.
The UBS (Canada) Balanced Fund is the underlying fund for the Manulife Diversified Fund (UBS Global).
Change in Portfolio Manager for the American Equity Fund (UBS Global)
On March 26, 2012, UBS Global Asset Management announced that Tom Cole, Head of U.S. Equities, left the firm to pursue an outside opportunity.
John Leonard, Global Head of Equities, assumed Mr. Cole's responsibilities on an interim basis until a replacement is identified. The UBS American Equity Fund is the underlying fund for Manulife American Equity Fund (UBS Global).
