Fund to be renamed NEI Northwest Emerging Markets Fund; Management fees to be lowered
TORONTO, April 24, 2013 /CNW/ - NEI Investments ("NEI") announced today that it has received security holder approval to change the fund objectives on the NEI Northwest EAFE Fund and NEI Northwest EAFE Corporate Class. The funds will be transitioning to an Emerging Markets Equity mandate and be renamed the NEI Northwest Emerging Markets Fund and NEI Northwest Emerging Markets Corporate Class. The changes were approved by a majority of votes cast at a vote held April 23, 2013. It is expected that the transition will be complete and the new fund objective be available for sale on or around May 6, 2013.
Columbia Management Investment Advisers LLC ("Columbia Management") will assume management responsibilities for both the NEI Northwest EAFE Fund and NEI Northwest EAFE Corporate Class at that time.
"Columbia's active investment approach and focus on downside risk really aligns well to our own investment philosophy," said Daniel Solomon, CIO at NEI, "We are delighted to have Columbia join our portfolio management team and pleased to be able to broaden our global line-up with a strong emerging markets offering".
Founded in 1894 with current assets under management at more than $300 billion, Columbia Management is one of the longest standing and largest investment firms in the United States. They apply a unique multi-disciplined investment process designed to generate more risk-managed performance within the emerging markets equity category.
Also effective on or around May 6, 2013, NEI will be reducing the management fee on the Series A and Series F units of the Fund to 2.15% and 1.15% respectively. This reduction is a reflection of NEI's ongoing efforts to reduce fees wherever possible.
ABOUT NEI INVESTMENTS
NEI Investments is a national investment firm with approximately $5 billion in assets under management. It offers Canadian retail investors unique access to top independent money managers through high quality investment solutions in two fund families, Northwest Funds and Ethical Funds. Its products provide investors with a full range of investment management styles as well as conventional and socially responsible investment choices.
NEI Investments is owned 50% by the Provincial Credit Union Centrals and 50% by Desjardins Group. This backing of experience and resources allows NEI Investments to actively support business growth in these networks as well as independent advisor channels.
NEI Investments has offices in Toronto, Vancouver and Montreal.
SOURCE: NEI Investments
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