C$ unless otherwise stated
TORONTO, Feb. 17, 2017 /CNW/ - Manulife Investments today announced the receipt of required approvals from securityholders to proceed with the following proposed changes voted upon at special meetings of securityholders held on February 16, 2017:
- Securityholders approved a proposal to replace certain operating expenses of the funds with fixed administration fees for the following funds, effective March 1, 2017: Manulife U.S. All Cap Equity Class (Advisor Series and Series T6) and Manulife Global Balanced Private Trust (Advisor Series, Series L, Series LT6, and Series T6).
- Securityholders approved a proposal to change the auditor for the Manulife Tactical Income Fund from PricewaterhouseCoopers LLP to Ernst & Young LLP.
The benefits of the fixed administration fee model include:
- The Management Expense Ratio (MER) will be substantially equal to or less than its most recently reported MER,
- Increased certainty and transparency of fund MERs,
- Protection against an increase in MERs,
- Manulife Investments will assume the risk of future increases in operating expenses.
More details on the fixed administration fee and related management fee changes can be found in the Manulife Mutual Funds and Manulife Private Investment Pools Simplified Prospectus dated August 2, 2016, as amended by Amendment No. 1 dated January 19, 2017.
For more information, please visit manulifemutualfunds.ca or contact Manulife Investments at the following telephone numbers:
About Manulife Investments
Manulife Investments, a division of Manulife Asset Management Limited, builds on 125 years of Manulife's wealth and investment management expertise in managing assets for Canadian investors. As one of Canada's leading integrated financial services providers, Manulife Investments and its affiliates offer a variety of products and services including segregated fund contracts, mutual funds, annuities and guaranteed interest contracts.
Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions. We operate as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2016, we had approximately 35,000 employees, 70,000 agents, and thousands of distribution partners, serving more than 22 million customers. At the end of 2016, we had $977 billion (US$728 billion) in assets under management and administration, and in the previous 12 months we made almost $26 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
SOURCE Manulife Financial Corporation
For further information: Media contact: Bev MacLean, Manulife, 416-852-8501, Beverley_Maclean@manulife.com