National Bank Investments Inc. (“NBI”) today announced portfolio sub-advisor changes for certain NBI Funds (the “Funds”) and the closure of the NBI Diversified Canadian Equity Private Portfolio, the NBI Diversified U.S. Equity Private Portfolio and the NBI Diversified International Equity Private Portfolio (the “Portfolios”).
Portfolio Management Changes
On or around June 21, 2024, National Bank Trust Inc. (“NBT”) will transition the portfolio sub-advisory responsibilities for the NBI Diversified Emerging Markets Equity Fund from BNY Mellon Asset Management Canada Ltd. (“BNY Mellon”) ― which in turn delegated the sub-advisory to Newton Investment Management Limited (“Newton”) ― directly to Artisan Partners Limited Partnership which will jointly act as portfolio sub-advisor alongside Goldman Sachs Asset Management L.P. Therefore, BNY Mellon (and consequently Newton) will no longer serve as portfolio sub-advisor of the NBI Diversified Emerging Markets Equity Fund.
On or around June 14, 2024, NBT will appoint Beutel, Goodman & Company Limited (“Beutel”) to jointly act as portfolio sub-advisor of the NBI Canadian Fixed Income Private Portfolio with RP Investment Advisors LP (“RPIA”).
On or around June 10, 2024, NBT will transition Fiera Capital Corporation’s (“Fiera”) portfolio sub-advisory responsibilities for the NBI Corporate Bond Fund directly to Beutel and RPIA, which consequently will jointly act as portfolio sub-advisors of the Fund. Therefore, Fiera will no longer serve as portfolio sub-advisor of the NBI Corporate Bond Fund.
The Funds’ investment objectives remain unchanged. As portfolio manager, NBT will continue to ensure compliance with investment decisions in relation to the mandates.
These changes are part of NBI’s open architecture structure governance process.
Termination of Portfolios
The termination of the Portfolios will take place by August 31, 2024, at the latest. Starting at 11:59 p.m. today, NBI will close the Portfolios to new subscriptions.
These changes will be included in the amendment to the NBI Funds’ simplified prospectus, which will be filed on the SEDAR+ website and on the NBI website.