2013
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.
Important Change at AGF Investments Inc.
On December 17, 2013, AGF Investments Inc. announced that Martin Hubbes, Executive Vice President and Chief Investment Officer, will be leaving the firm. A search for his replacement is underway and Mr. Hubbes will continue in his role throughout the transition. AGF is the investment manager for the Manulife Emerging Markets Fund (AGF) and the Manulife Global Equity Fund (AGF).
The AGF Emerging Markets Equity and the AGF Global Equity Class are the underlying funds for the Manulife Emerging Markets Fund (AGF) and the Manulife Global Equity Fund (AGF), respectively, both available on the Quality & Choice investment platform.
Aberdeen Asset Management PLC
Update on the acquisition of Artio Global Investors Inc. by Aberdeen Asset Management PLC
We had informed you in an earlier communication that Aberdeen Asset Management PLC (“Aberdeen”) reached an agreement to acquire 100% of the share capital of Artio Global Investors Inc. (“Artio”), and that the Manulife International Equity Fund (Artio) and Global Equity Fund (Artio) will be managed by Aberdeen as of September 30, 2013. The funds will be renamed the Manulife International Equity Fund (Aberdeen) and the Manulife Global Equity Fund (Aberdeen).
We have been advised by Aberdeen that, for funds held in a non-registered plan, would result in a taxable event for the 2013 taxation year. Any capital gain or loss that is generated as a result of the transfer will be reported on a tax receipt that will be sent to members in the first quarter of 2014.
Aberdeen completes the acquisition of Artio Global Investors Inc.
On May 21, 2013, Aberdeen Asset Management PLC and its affiliates (“Aberdeen” or the “Group”) announced that they have completed the acquisition of Artio Global Investors Inc. (“Artio”), a U.S. publicly-listed asset manager, effective as of the close of business on May 21, 2013.
Consequently, Artio’s International and Global Equity portfolios will be managed by Aberdeen’s Global Equity team, in accordance to Aberdeen’s International and Global Equity investment process.
The Manulife International Equity Fund (Artio) currently purchases units of the Artio International Equity II (Canada) Fund and the Manulife Global Equity Fund (Artio) purchases units of the Artio Global Equity (Canada) Fund. Aberdeen has advised Manulife that these funds will be transitioned to the Aberdeen funds on or around September 30, 2013. As a result, on or around September 30, 2013, the former Manulife Artio funds will be renamed as follows:
| Former Manulife Fund Name |
New Manulife Fund Name |
New underlying Fund Name |
|---|---|---|
| Global Equity Fund (Artio) | Global Equity Fund (Aberdeen) | Aberdeen Canada Funds - Global Equity Fund |
| International Equity Fund (Artio) | International Equity Fund (Aberdeen) | Aberdeen Canada Funds - EAFE Plus Equity Fund |
Aberdeen Asset Management announces the acquisition of Artio Global Investors Inc. and SVG Advisers
On February 14, 2013, Aberdeen Asset Management PLC (“Aberdeen”) announced that it had reached an agreement to acquire 100% of the share capital of Artio Global Investors Inc. (“Artio”), a publicly listed asset management company.
Artio manages assets of approximately $14.3 billion on behalf of a diversified retail and institutional client base.
Upon closing of the transaction, Artio Global’s High Grade (Total Return Bond) and High Yield teams will form a core part of Aberdeen’s fixed-income capabilities, enhancing its depth of resources. The International Equity and Global Equity teams are expected to remain at Artio until the closing date, at which time Aberdeen will assume management responsibilities for International Equity and Global Equity, subject to client consent. After the transaction closes, it is currently expected that the portfolio managers will not transfer to Aberdeen.
The transaction, which is currently expected to close by the end of the second quarter or early in the third quarter of 2013, is subject to customary closing conditions, including, U.S. antitrust approval, approval of a majority of Artio Global shareholders and approval of certain Artio Global mutual fund shareholders.
The Artio International Equity II (Canada) Fund and the Artio Global Equity (Canada) Fund are the underlying funds for the Manulife International Equity Fund (Artio) and Global Equity Fund (Artio) on the Quality & Choice platform.
Aberdeen also announced that it has agreed to acquire a 50.1% stake in SVG Advisers, a wholly owned subsidiary of SVG Capital plc, an international private equity investor and fund management business listed on the London Stock Exchange. This business will be combined with Aberdeen’s existing private equity capability to create a substantial private equity fund of funds business. There is no direct impact on Aberdeen’s U.S. business.
Addenda Capital
Notice of important changes for the Manulife Bond Fund (Addenda)
On March 26, 2013, Addenda Capital announced their intention to centralize the management of all the Addenda Pooled Funds under a single trustee, CIBC Mellon, and to create new pooled funds to replace existing funds that are actually with Desjardins Trust. This change will affect the Addenda Bond Pooled Fund which is the underlying fund for the Manulife Bond Fund (Addenda).
In this context, they are proceeding with the closing of the Addenda Bond Pooled Fund and all the proceeds will be transferred into a new fund, the Addenda Active Duration Bond Pooled Fund, no later than May 31, 2013. The name of the Manulife Bond Fund (Addenda) will remain the same.
The Manulife Bond Fund (Addenda) is no longer promoted on the Q&C Investment Program since December 2011.
Artio Global Management LLC
Update on the acquisition of Artio Global Investors Inc. by Aberdeen Asset Management PLC
We had informed you in an earlier communication that Aberdeen Asset Management PLC (“Aberdeen”) reached an agreement to acquire 100% of the share capital of Artio Global Investors Inc. (“Artio”), and that the Manulife International Equity Fund (Artio) and Global Equity Fund (Artio) will be managed by Aberdeen as of September 30, 2013. The funds will be renamed the Manulife International Equity Fund (Aberdeen) and the Manulife Global Equity Fund (Aberdeen).
We have been advised by Aberdeen that, for funds held in a non-registered plan, would result in a taxable event for the 2013 taxation year. Any capital gain or loss that is generated as a result of the transfer will be reported on a tax receipt that will be sent to members in the first quarter of 2014.
Aberdeen completes the acquisition of Artio Global Investors Inc.
On May 21, 2013, Aberdeen Asset Management PLC and its affiliates (“Aberdeen” or the “Group”) announced that they have completed the acquisition of Artio Global Investors Inc. (“Artio”), a U.S. publicly-listed asset manager, effective as of the close of business on May 21, 2013.
Consequently, Artio’s International and Global Equity portfolios will be managed by Aberdeen’s Global Equity team, in accordance to Aberdeen’s International and Global Equity investment process.
The Manulife International Equity Fund (Artio) currently purchases units of the Artio International Equity II (Canada) Fund and the Manulife Global Equity Fund (Artio) purchases units of the Artio Global Equity (Canada) Fund. Aberdeen has advised Manulife that these funds will be transitioned to the Aberdeen funds on or around September 30, 2013. As a result, on or around September 30, 2013, the former Manulife Artio funds will be renamed as follows:
| Former Manulife Fund Name |
New Manulife Fund Name |
New underlying Fund Name |
|---|---|---|
| Global Equity Fund (Artio) | Global Equity Fund (Aberdeen) | Aberdeen Canada Funds - Global Equity Fund |
| International Equity Fund (Artio) | International Equity Fund (Aberdeen) | Aberdeen Canada Funds - EAFE Plus Equity Fund |
Aberdeen Asset Management announces the acquisition of Artio Global Investors Inc.
On February 14, 2013, Aberdeen Asset Management PLC (“Aberdeen”) announced that it had reached an agreement to acquire 100% of the share capital of Artio Global Investors Inc. (“Artio”), a publicly listed asset management company.
Artio manages assets of approximately $14.3 billion on behalf of a diversified retail and institutional client base.
Upon closing of the transaction, Artio Global’s High Grade (Total Return Bond) and High Yield teams will form a core part of Aberdeen’s fixed-income capabilities, enhancing its depth of resources. The International Equity and Global Equity teams are expected to remain at Artio until the closing date, at which time Aberdeen will assume management responsibilities for International Equity and Global Equity, subject to client consent. After the transaction closes, it is currently expected that the portfolio managers will not transfer to Aberdeen.
The transaction, which is currently expected to close by the end of the second quarter or early in the third quarter of 2013, is subject to customary closing conditions, including, U.S. antitrust approval, approval of a majority of Artio Global shareholders and approval of certain Artio Global mutual fund shareholders.
The Artio International Equity II (Canada) Fund and the Artio Global Equity (Canada) Fund are the underlying funds for the Manulife International Equity Fund (Artio) and Global Equity Fund (Artio) on the Quality & Choice platform.
Beutel, Goodman & Company Ltd.
Non-Domestic Equity Team Update for Beutel Goodman
Beutel Goodman announced that on July 1st, 2013 a realignment to their Non-Domestic Equity Team will take effect: a co-management structure will be implemented for their three major non-domestic strategies:
American Equity (Glenn Fortin and Rui Cardoso)
International Equity (KC Parker and Colin Ramkissoon)
Global Equity (Glenn Fortin and KC Parker)
The American Equity and Global Equity funds are the underlying funds for the US Equity Fund (Beutel Goodman) and Global Equity Fund (Beutel Goodman) on the Quality & Choice investment platform.
BMO Asset Management Inc.
BMO Asset Management Inc. announces organizational change
In March 2013, BMO Asset Management Inc. (BMO Asset Management) announced that Lesley Marks, returning from a 12-month sabbatical, will be filling a new position as Vice President, Head of Portfolio Management, Canadian Fundamental Equity, effective April 1, 2013. She will be responsible for oversight of the fundamental Canadian equity solutions, as it pertains to investment philosophy, process and administration.
As a result, Tyler Hewlett, Vice President and Portfolio Manager, has been confirmed as the full-time lead portfolio manager for the Manulife Canadian Small-Cap Equity Fund (BMO Asset Management). Mr. Hewlett had been the back-up portfolio manager and had worked closely with Ms. Marks for the previous five years. He is supported by a dedicated Canadian small cap analyst, David Taylor, who had joined BMO Asset Management in April 2012, and a team of sector analysts.
The BMO Asset Management Small Cap Fund is the underlying fund for the Manulife Canadian Small-Cap Equity Fund (BMO Asset Management) available on the Quality & Choice Investment Platform.
Note: The Manulife Investment Program team was formally advised of this change in March 2014.
BMO Asset Management announces U.S. Equity Portfolio Management Team Update
On April 1, 2013, BMO Asset Management announced that Dan Sido, a member of the portfolio management team responsible for large cap equity strategies, will be retiring May 1, 2013 from BMO Global Asset Management after 19 years with the firm. The investment philosophy, process, and objectives of the large cap equity strategies remain the same.
Ernesto Ramos, Head of Equities, and Jason Hans, Portfolio Manager, continue in their role as portfolio managers of the large cap equity strategies and are joined in this effort by David Corris, Portfolio Manager. Mr. Corris has 14 years of industry experience and five years working on the equity investment management team.
The BMO US Equity Fund is the underlying fund for the Manulife US Equity Fund (BMO Asset Management) available on the Quality & Choice platform.
Echo Point Investment Management, LLC
Cease of Business Operations for Echo Point Investment Management
On 8 November 2013, Echo Point Investment Management, a majority-owned subsidiary of Old Mutual (US) Holdings, informed us that they will cease business operations in Q1 2014. Echo Point is the investment manager for the Manulife International Equity Fund (Echo Point) which will now close in late January 2014.
Earlier we had announced that the Manulife International Equity Fund (Echo Point) will no longer be promoted as part of the Quality & Choice Program. We also noted that should the fund close, we would undertake to move the assets into the fund with the most similar investment style (growth), the Manulife International Equity Fund (Invesco) currently on the Q&C platform. To this regard, clients will be receiving a written, formal communication as per the usual Quality & Choice communication protocol, informing them that this action will be taking place on or around 10 January 2014. Plan sponsors and members are not required to take any action.
The Echo Point International Growth Equity Fund, Series I, is the underlying fund for the Manulife International Equity Fund (Echo Point) which is no longer available on the Quality & Choice investment platform.
Ethical Funds
June 2013
NEI Investments announces the renaming of its NEI Ethical Canadian Dividend Fund
Following the announcement from NEI Investments regarding the closing of the Ethical Growth Fund and the merger of the fund’s assets with the NEI Ethical Canadian Dividend Fund, a communication was sent to the affected plan sponsors to advise them of the merger of the two funds and the renaming of the Manulife SRI Canadian Equity Growth Fund (Ethical Funds) to SRI Canadian Dividend Fund (Ethical Funds).
We have recently been informed by NEI Investments that the transaction went through and that the name of the underlying fund was changed to NEI Ethical Canadian Dividend Fund. We have also been informed that, pending regulatory approval, the fund will be renamed the NEI Ethical Canadian Equity Fund in July 2013 to more accurately reflect the fund’s investment profile.
In light of this new information, the name of the Manulife SRI Canadian Equity Growth Fund (Ethical Funds) will change for the SRI Canadian Equity Fund (Ethical Funds) in July 2013.
Note: The benchmark has also changed to now be uniquely the S&P/TSX Composite Index (before it had 16% MSCI World Index with the remainder in the S&P/TSX Composite)
NEI Investments announces proposed changes to its mutual funds line-up
On February 20, 2013, NEI Investments announced its intention to close the Ethical Growth Fund and merge all of the fund’s assets with the NEI Ethical Canadian Dividend Fund pending security holder and regulatory approvals. If all necessary approvals are obtained, it is anticipated that the proposed merger will become effective on or about May 24, 2013.
The NEI Ethical Growth Fund is the underlying fund for the Manulife SRI Canadian Equity Growth Fund (Ethical Funds) available on the Quality & Choice platform.
Fidelity Investments Canada ULC
Change in Portfolio Manager for Fidelity Global Funds
Earlier this year, we announced that Michael Strong, lead portfolio manager of Fidelity Global Fund and Fidelity Global Asset Allocation Fund, was retiring effective September 30, 2013.
These funds are structured in such a way that security selection is divided among a number of specialty sub-portfolio managers, each responsible for security selection and portfolio construction within specific asset classes or regions.
Effective October 1, 2013, institutional portfolio managers Chris Steward and Brian Hoesly will assume joint lead portfolio manager responsibilities for Fidelity Global Fund. They will also succeed Michael Strong in overseeing management of the international equity portion of the fund. John Chow will be assuming responsibility for the emerging markets portion of the fund, succeeding Matthew Van Vlack. Eileen Dibb will assume management of the Asia ex-Japan sub-portfolio, formally managed by Henry Chan, in addition to managing the Japan sub-portfolio. The sub-portfolio managers responsible for the US and Canadian equity portions remain unchanged.
Trevor Greetham and Ayesha Akbar will assume joint lead portfolio manager responsibilities for Fidelity Global Asset Allocation Fund. The sub-portfolio managers responsible for the equity and fixed income portions of the fund remain unchanged.
The Fidelity Global Fund and the Fidelity Global Asset Allocation Fund are the underlying funds for the Manulife Global Equity Fund (Fidelity) and Global Asset Allocation Fund (Fidelity) available on the Quality & Choice investment platform.
Fidelity Investments Lead Portfolio Manager Michael Strong retires
On March 7, 2013, Fidelity Investments announced that Michael Strong, the lead portfolio manager of Fidelity Global Fund and Fidelity Global Asset Allocation Fund, has made the decision to retire, effective September 30, 2013, after more than 25 years in the investment management industry.
Institutional portfolio managers Chris Steward and Brian Hoesly will be co-lead managers of the strategy. Mr. Strong will work with them to ensure a smooth and seamless transition of oversight.
Fidelity will determine and announce Michael’s replacement in the coming months.
These funds are structured in such a way that security selection is divided among a number of specialty subportfolio managers, each responsible for security selection and portfolio construction within specific asset classes or regions. All of the subportfolio managers remain on their current assignments.
The Fidelity Global Fund and the Fidelity Global Asset Allocation Fund are the underlying funds for the Manulife Global Equity Fund (Fidelity) and Global Asset Allocation Fund (Fidelity) available on the Quality & Choice platform.
Fiera Capital Corporation (formerly managed by UBS Global)
Transition of UBS-managed foreign equity assets to Fiera Capital
We would like to inform you that we have been formally advised by Fiera Capital, on 20 November 2013 of the following:
The current assets in the Manulife American Equity Fund (UBS Global) and Manulife International Equity Fund (UBS Global) will transfer to Fiera Capital managed funds on 5 March 2014. On this date units in those underlying funds will be sold and units in the new underlying Fiera US Equity Fund and Fiera International Equity Fund will be purchased. For investors holding these funds in non-registered accounts, this transition could result in a taxable event. The tax consequences will depend on each individual investor’s cost basis in the fund.
The following provides a brief description of the strategies currently managed by UBS for Manulife and how they will transition to Fiera.
Manulife American Equity Fund (UBS Global)
The underlying fund – UBS (Canada) American Equity Fund – will be assigned to Fiera Capital on 5 March 2014. Manulife will invest in the new underlying Fiera Capital fund.
Manulife International Equity Fund (UBS Global)
The underlying fund – UBS (Canada) International Equity Fund – will be assigned to Fiera Capital on 5 March 2014. Manulife will invest in the underlying Fiera Capital fund.
As a result of these changes the name of these Manulife funds will be changed on or around 5 March 2014:
| Current Name of Fund | New Name of Fund |
|---|---|
| American Equity Fund (UBS Global) | US Equity Fund (Fiera Capital) |
| International Equity Fund (UBS Global) | International Equity Fund (Fiera Capital) |
Please note that no action is required from you at this time.
Invesco Canada Limited
Invesco Canada Ltd. announces fund management change
In September 2013, Invesco Canada Ltd. (Invesco) announced that Michael Hatcher, portfolio manager and Head of Global Equities, will be co-managing the Manulife Global Equity Fund (Invesco Trimark) alongside Jeff Feng. This news follows the departure of portfolio manager, Darren McKiernan, who has left Invesco. There are no changes to the Fund’s investment objectives or strategies as a result of this change.
Note: The Manulife Investment Program team was formally advised of this change in March 2014.
Change of name for the Invesco Van Kampen Small-Cap Value Fund
Effective September 24, 2012, Invesco changed the name of the Invesco Van Kampen Small-Cap Value Fund for the Invesco Small Cap Value Fund.
The Invesco Small Cap Value Fund is the underlying fund for the Manulife US Small-cap Equity Fund (Invesco) available on the Quality & Choice platform.
Note: The Manulife Investment Program team was formally advised of this change in late March 2013.
Jarislowsky Fraser Limited
New U.S. Equity Manager at Jarislowsky Fraser Limited
On April 2, 2013, Jarislowsky Fraser Limited announced the appointment of Dan Hanson, CFA, to their research team, effective April 29, 2013. Initially based in New York, he will co-manage the firm’s U.S. investment portfolio with Bernard Gauthier.
Mr. Hanson previously worked at BlackRock in the U.S. where he was managing director and portfolio manager on BlackRock Large Cap Series equity team (AUM $23B). He has more than 20 years experience in U.S. and global equities, and U.S. credit and mortgages securities, both as an analyst and portfolio manager.
The Jarislowsky Fraser US Equity Fund is the underlying fund for the Manulife US Equity Fund (Jarislowsky Fraser) available on the Quality & Choice platform.
Changes to the U.S. Equity Team at Jarislowsky Fraser
On February 4, 2013, Jarislowsky Fraser announced that as a result of the firm’s reorganization, Charlie Ongking has decided to pursue other interests and resigned effective February 1st. Mr. Ongking was a member of their Investment Strategy Committee and served as co-manager of U.S. Equities over the past 2 years.
Bernard Gauthier will continue as co-manager, U.S. Equities. Mr. Gauthier has 25 years of investment experience and is a Partner of the firm and a member of the Investment Strategy Committee.
The Jarislowsky Fraser US Equity Fund is the underlying fund for the Manulife US Equity Fund (Jarislowsky Fraser) available on the Quality & Choice platform.
Mackenzie Investments
Name change to the Mackenzie Universal U.S. Blue Chip Class
Effective July 15, 2013, Mackenzie changed the name of the Mackenzie Universal U.S. Blue Chip Class to the Mackenzie U.S. Large Cap Class Fund.
The Mackenzie U.S. Large Cap Class Fund is the underlying fund for the Manulife US Equity Fund (Mackenzie) and is available on the Quality & Choice platform.
MFS Investment Management Canada Limited
MFS McLean Budden Limited announces name change
On August 15, 2013, MFS McLean Budden Limited announced that the Canadian operations will be known as MFS Investment Management Canada Limited effective November 1, 2013. This move aligns MFS Investment Management Canadian operations with their global brand.
As a result of this announcement the name of the following Manulife funds will change on November 1, 2013:
| Current Name | New Name |
|---|---|
| Fixed Income Fund (MFS McLean Budden) | Fixed Income Fund (MFS) |
| Balanced Fund (MFS McLean Budden) | Balanced Fund (MFS) |
| Canadian Equity Fund (MFS McLean Budden) | Canadian Equity Fund (MFS) |
| American Equity Fund (MFS McLean Budden) | American Equity Fund (MFS) |
| Global Equity Fund (MFS McLean Budden) | Global Equity Fund (MFS) |
| International Equity Fund (MFS McLean Budden) | International Equity Fund (MFS) |
| Balanced Income Fund (MFS McLean Budden) | Balanced Income Fund (MFS) |
| Target Year 2015 Fund (MFS McLean Budden) | Target Year 2015 Fund (MFS) |
| Target Year 2020 Fund (MFS McLean Budden) | Target Year 2020 Fund (MFS) |
| Target Year 2025 Fund (MFS McLean Budden) | Target Year 2025 Fund (MFS) |
| Target Year 2030 Fund (MFS McLean Budden) | Target Year 2030 Fund (MFS) |
| Target Year 2035 Fund (MFS McLean Budden) | Target Year 2035 Fund (MFS) |
| Target Year 2040 Fund (MFS McLean Budden) | Target Year 2040 Fund (MFS) |
| Target Year 2045 Fund (MFS McLean Budden) | Target Year 2045 Fund (MFS) |
| Target Year 2050 Fund (MFS McLean Budden) | Target Year 2050 Fund (MFS) |
Manulife Investments Inc.
Closing of the Manulife US Equity Index Registered Fund (SLI)
The Manulife US Equity Index Registered Fund (SLI) will be closing following the decision to merge it with the Manulife US Equity Direct Index Registered Fund (SLI), which has the same investment style and objectives, and is part of the Investment Watch (i-Watch®). The new fund is only available to registered plans in order to minimize the withholding tax impact on dividends.
Changes in the Manulife Investments (Real Estate) Inc. team
Effective July 15, William Secnik is appointed Fund Manager for the Manulife Real Estate Fund (SLIRE) where he will be responsible for the overall strategy and performance of the fund. Glenn D’Silva, will remain an important member of the team as a Portfolio Manager. Both Glenn D’Silva and Warwick Marchant will continue to be dedicated to this fund as Portfolio Managers and will support William Secnik in his new role.
Mr. Secnik possesses more than 17 years of industry experience, focused mainly on national real estate investments related to income, redevelopment and development assets. Having dealt with over $2.5 billion in transactions, he has an extensive history involving acquisitions, financing, repositioning and dispositions on behalf of investment vehicles (both core & opportunity funds) and leading TSX-Listed firms.
Changes to the SLI Multi Asset Investing team*
On July 19, 2013, Manulife Investments Limited announced that Guy Stern has been appointed to the Board of Manulife Investments Limited as Head of Multi-Asset & Macro Investing, reporting to Rod Paris, Chief Investment Officer.
Mr. Stern has been responsible for the day to day running of SLI’s multi-asset investments since 2008 and has 30 years of experience in the industry.
This appointment follows the departure of Euan Munro, who has left to pursue other opportunities.
*Subject to the usual regulatory approval.
May 15, 2013
The Manulife Global Absolute Return Strategies Fund (SLI) is now available for non-registered plans
Following the change of class of the underlying fund for the Manulife Global Absolute Return Strategies Fund (SLI), the fund is now available for non-registered plans.
Changes to the Manulife Global Absolute Return Strategies Fund (SLI)
On or around May 12, 2013, Manulife Investments Inc. will change the class of the underlying fund for the Manulife Global Absolute Return Strategies Fund (SLI). The Manulife fund will now be invested in the Manulife Investments Global SICAV Global Absolute Return Strategies Fund (the underlying fund) through its Canadian dollar hedged distribution Z share class.
April 2013
Change of Manager for the Manulife International Equity Index Fund (SLI)
Manulife Investments Limited in the UK has made the strategic decision to no longer manage passive investments and to redeploy its resources and expertise towards active investment management only.
As a result, the Manulife International Equity Index Fund (SLI), which is currently being managed by Manulife Investments Limited in the UK, will be transitioned over to BlackRock Asset Management Canada Limited (BlackRock) and subsequently managed by BlackRock on or around May 23, 2013. This fund will continue to be available through the Manulife Quality & Choice Investment Program.
Following this transfer, the Manulife International Equity Index Fund (SLI) will be renamed as Manulife International Equity Index Fund (BlackRock).
As the Manulife Portfolio Funds include the International Equity Index Fund (SLI) as an underlying fund, these funds will be affected and their names will change as follows:
| Current Name | New Name |
|---|---|
| Income Index Portfolio Fund (SLI) | Income Index Portfolio Fund (Manulife) |
| Balanced Index Portfolio Fund (SLI) | Balanced Index Portfolio Fund (Manulife) |
| Growth Index Portfolio Fund (SLI) | Growth Index Portfolio Fund (Manulife) |
This change will result in a taxable event for the 2013 fiscal year for non-registered unit holders of the above mentioned funds. Any capital gain or loss that will be generated as a result of this transaction will be reported on the unit holder tax slip which will be mailed in the first quarter of 2014.
This decision does not affect the operations of Manulife Investments in Canada. Manulife Investments in Canada will continue to manage the passive fixed income funds as well as the passive North American equity funds for Manulife.
February 8, 2013
Change of benchmark for the Canadian Dividend Fund (SLMF)
S&P Canadian Index Services has ceased 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 changed the benchmark of the Canadian Dividend Fund (SLMF) to the S&P/TSX Capped Composite Index. The previous benchmark was the S&P/TSX Capped Equity Index. This change occurred on December 21, 2012.
Manulife Investments Inc. announces a strategic review of their Canadian business
On January 31, 2013, Manulife Investments Inc. (SLI) announced that it has completed the strategic review of their Canadian business and that the following changes would take effect immediately.
Investment Team
With the globalisation of the investment business, they are moving to “One SLI Investment Team” with the investment teams located in Canada now having direct reporting responsibilities, on all investment matters, to their respective global counterparts.
In this regard, Claude Turcot, Senior Vice President Quantitative Management, and Michel Pelletier, Senior Vice President Fixed Income, will now report to Euan Munro, Head of Multi-Asset & Fixed Interest on investment matters; and Neil Matheson, Senior Vice President Investment Strategy, will now report to Rod Paris, Head of Investments. These changes are in line with the announcement made two weeks ago with Susan Da-Sie, Senior Vice President Equities, reporting to Steve Weeple, Managing Director Global Equities, and the existing structure already in place in their Real Estate business with Blair McCreadie, Head of Canadian Real Estate, reporting to David Paine, Head of Real Estate.
In addition, their Equity traders will now report directly to the global trading team led by Jim Conway, Global Head of Equity Trading.
Matrix Organizational structure
With their “One Investment Team” approach and increased engagement with the broader SLI, they are keen to maintain a strong focus on their Canadian business with the implementation of a matrix organizational structure and with the following Canadian-based committees: Executive Committee, Investment Governance Committee, Product Committee and Canadian Risk & Controls Committee.
Changes to Manulife Investments Canadian Equity team and process improvements
On January 17, 2013, Manulife Investments Inc. announced the appointment of Mrs. Susan Da Sie as Senior Vice-President, Equities. Effective immediately, Mrs. Da Sie will be responsible for the oversight of Manulife Investments' equity investment process and performance for the Canadian based team.
Her appointment is the culminating phase of Manulife Investments' succession planning process, following Charles Jenkins' decision to retire in the third quarter of this year after 38 years of service. Charles joined Manulife Investments in 1988 and has been Senior Vice-President, Equity since 2004.
Mrs. Da Sie is an investment professional with over 28 years of industry experience and joined Manulife Investments in 2007.
Along the same path, the current succession allows Manulife Investments to make additional refinements to the equity process as well as to further the integration of the Canadian equity team within the global equity platform of Manulife Investments Limited.
UBS Global Asset Management (Canada)
Transition of UBS-managed foreign equity assets to Fiera Capital
We would like to inform you that we have been formally advised by Fiera Capital, on 20 November 2013 of the following:
The current assets in the Manulife American Equity Fund (UBS Global) and Manulife International Equity Fund (UBS Global) will transfer to Fiera Capital managed funds on 5 March 2014. On this date units in those underlying funds will be sold and units in the new underlying Fiera US Equity Fund and Fiera International Equity Fund will be purchased. For investors holding these funds in non-registered accounts, this transition could result in a taxable event. The tax consequences will depend on each individual investor’s cost basis in the fund.
The following provides a brief description of the strategies currently managed by UBS for Manulife and how they will transition to Fiera.
Manulife American Equity Fund (UBS Global)
The underlying fund – UBS (Canada) American Equity Fund – will be assigned to Fiera Capital on 5 March 2014. Manulife will invest in the new underlying Fiera Capital fund.
Manulife International Equity Fund (UBS Global)
The underlying fund – UBS (Canada) International Equity Fund – will be assigned to Fiera Capital on 5 March 2014. Manulife will invest in the underlying Fiera Capital fund.
As a result of these changes the name of these Manulife funds will be changed on or around 5 March 2014:
| Current Name of Fund | New Name of Fund |
|---|---|
| American Equity Fund (UBS Global) | US Equity Fund (Fiera Capital) |
| International Equity Fund (UBS Global) | International Equity Fund (Fiera Capital) |
Please note that no action is required from you at this time.
Fiera Capital announces closing of the UBS Global Asset Management (Canada) Inc. transaction
On January 31, 2013, Fiera Capital Corporation (Fiera) announced the closing of the transaction under which Fiera acquired the Canadian fixed income, Canadian equity and domestic balanced account business from UBS Global Asset Management (Canada) Inc.
The name of these Manulife funds will be changed on February 28, 2013:
| Current Name of Funds | New Name of Funds |
|---|---|
| Diversified Fund (UBS Global) | Diversified Fund (Fiera Capital) |
| Canada Plus Equity Fund (UBS Global) | Canada Plus Equity Fund (Fiera Capital) |
| Canadian Equity Fund (UBS Global) | Canadian Equity Fund (Fiera Capital) |
January 15, 2013
Follow-up on Fiera Capital acquisition of domestic assets of UBS Global Asset Management (Canada) Inc.
We would like to inform you that we have been formally advised by Fiera Capital, on January 9, 2013 of the following:
Fiera Capital (Fiera) will acquire the Canadian fixed income, Canadian equity and domestic balanced account business from UBS Global Asset Management (Canada) Inc. (UBS) at the closing of the transaction expected in early Q1 2013 and subject to regulatory approvals.
The following provides a brief description of the strategies currently managed by UBS for Manulife and how they will transition to Fiera. Please note that the following is subject to the closing of the transaction and agreement to any significant changes to the sub-advisory arrangement with CIBC.
Manulife American Equity Fund (UBS Global)
The assets will remain invested in the underlying fund, the UBS (Canada) American Equity Fund.
Manulife International Equity Fund (UBS Global)
The assets will remain invested in the underlying fund, the UBS (Canada) International Equity Fund.
Manulife Plus Equity Fund (UBS Global)
The underlying fund – UBS (Canada) Canada Plus Equity Fund – will be assigned to Fiera at the closing of the transaction. Manulife will continue to invest in the same underlying fund. The Canadian equity component of the underlying fund will continue to be managed by CIBC until the end of February 2013. Fiera’s Canadian Core Equity Team will then assume management of the Canadian equity component of the underlying fund. The foreign equity component of the underlying fund will continue to invest in the existing UBS Global Fund.
Manulife Canadian Equity Fund (UBS Global)
The underlying fund – UBS (Canada) Canadian Equity Fund – will be assigned to Fiera at the closing of the transaction. The underlying fund will continue to be managed by CIBC until the end of February 2013. Fiera’s Canadian Core Equity Team will then assume management of the underlying fund.
Manulife Bond Fund (UBS Global)
The underlying fund – UBS Bond Fund – will be assigned to Fiera at the closing of the transaction. Manulife will continue to invest in the underlying fund and the underlying fund is expected to be managed by members of the existing UBS Fixed Income Team. Jeff Seaver, Peter Osborne and Philippe Ouellette from the UBS Fixed Income Team have been offered positions with Fiera and are expected to join Fiera after the closing of the transaction.
Manulife Diversified Fund (UBS Global)
The underlying fund – UBS (Canada) Balanced Fund – will be assigned to Fiera at the closing of the transaction. Manulife will continue to invest in the underlying fund. The Bond component of the underlying fund is expected to be managed by members of the existing UBS Fixed Income Team. Jeff Seaver, Peter Osborne and Philippe Ouellette from the UBS Fixed Income Team have been offered positions with Fiera and are expected to join Fiera after the closing of the transaction. The Canadian equity component of the underlying fund will continue to be managed by CIBC until the end of February 2013. Fiera’s Canadian Core Equity Team will then assume management of the underlying fund. The foreign equity component of the underlying fund will continue to invest in the UBS Global Equity Fund until the end of February 2013 at which time units in the UBS Global Equity Fund will be sold and units of the Fiera Global Equity Fund will be purchased. It is the understanding of Fiera that there will be minimal tax consequences for non-registered investors as a result of this change.
Please note that no action is required from you at this time. Further details will be communicated to you once the transaction is finalized and all regulatory approvals have been received.
