TORONTO, May 1 /CNW/ - In response to historically low short-term
interest rates, Fidelity Investments Canada ULC announced today that it will
temporarily waive a portion of management fees charged on its money market
funds. The goal of these changes is to maintain a positive yield for
Fidelity will not be changing the investment approach of these funds to
seek higher yields. These funds continue to provide investors with a secure
and liquid investment option.
The temporary management fee reductions are being made on the following
Fidelity Canadian Money Market Fund
Fidelity Canadian Short Term Income Class
Fidelity Premium Money Market Private Pool
Fidelity U.S. Money Market Fund
In addition, for Fidelity Canadian Short Term Income Class, Fidelity will
absorb operating expenses normally charged in order to maintain a positive
total return on a series-by-series basis. All other Fidelity money market
funds are not assessed operating expenses.
The fee reductions will be implemented gradually as required. Initially,
these fee reductions will affect series A, series C and series I units of
these funds. Fidelity will monitor the situation and may reduce fees on other
series to maintain a positive yield.
On some series of funds, Fidelity pays trailer fees to dealers from the
management fees collected. On these series, the trailer fees may be reduced to
contribute to the total fee reduction required. Fidelity and dealers will
share in fee reductions that may be required.
Please visit our website at www.fidelity.ca/moneymarket to access current
fund yields and up-to-date information on these temporary fee reductions.
If you require more information, please contact your financial advisor or
Fidelity Client Services at 1-800-263-4077. For institutional clients, please
contact your client or consultant relations manager.
About Fidelity Investments
Fidelity Investments Canada ULC is the country's fifth largest mutual
fund company and part of the Fidelity Investments organization of Boston, one
of the world's largest providers of financial services. In Canada, Fidelity
manages a total of $40 billion in mutual fund and institutional assets. This
includes $5 billion in assets for institutional clients including public and
corporate defined benefit pension plans, endowments, foundations and other
corporate assets on behalf of clients across Canada.
Fidelity Canada provides Canadian investors a full range of domestic,
international and income oriented mutual funds. Fidelity funds are available
through a number of advice-based distribution channels including financial
planners, investment dealers, banks, and insurance companies. Fidelity is a
proud supporter of the Boys and Girls Clubs of Canada and we are dedicated to
helping young Canadians realize their full potential as productive,
responsible and caring citizens.
For further information:
For further information: For media inquiries: Chris Pepper, Director,
Corporate Affairs, Office: (416) 307-5388, Mobile: (416) 795-7762, Email: