TORONTO, October 29, 2021 / CNW / – BMO Investments Inc. (the “Manager”), the manager of BMO investment funds, today announced management and administration fee reductions for certain series of securities of BMO Money Market Fund , as well as a portfolio manager and / or a change sub-advisor for certain funds.
Management and Administration Cost reductions
Effective immediately, the Manager has reduced the management fee for Series A, F, D, M and Advisor Series securities of BMO Money Market Fund as follows:
Current management fees
New management fees
BMO Money Market Fund
Series A: 1.00%
Series A: 0.60%
Effective immediately, the Manager has also reduced the administration fee on Series A, F, D and Advisors securities of BMO Money Market Fund from 0.12% to 0.08%.
The manager may, in certain years and in certain cases, absorb a portion of the management fees, administration fees or certain specified expenses of this fund or of this series of this fund. The decision to absorb these expenses is periodically reviewed and determined at the discretion of the Manager, without notice to security holders.
Change of portfolio manager and / or sub-advisor
Effective on or towards November 12, 2021, Taplin, Canida & Habacht, LLC (“TCH”) will cease to act as sub-advisor for BMO Cross Bond Fund and BMO Asset Management Limited will be the sole sub-advisor for that fund. BMO Asset Management Inc. (“BMOAM Inc.”) remains the portfolio manager of this fund.
Effective on or towards November 12, 2021, Columbia Management Investment Advisers, LLC (“CMIA”) will replace BMOAM Inc. as portfolio manager of BMO US High Yield Bond Fund, and TCH will cease to act as sub-advisor for such fund. As a result, a change in the investment strategies of BMO US High Yield Bond Fund will be made.
Effective on or towards November 12, 2021, CMIA will replace TCH as sub-advisor for the US Fixed Income portion of BMO US Dollar Balanced Fund and the US Fixed Income and US High Yield Bond portions of US Dollar Monthly Income Fund BMO.
Effective on or towards November 19, 2021, BMO Asset Management Corp. (“BMOAM Corp.”) will cease to act as sub-advisor to BMO US Dollar Money Market Fund and BMOAM Inc. as portfolio manager will assume responsibility for the portfolio management of such fund.
Effective on or towards December 15, 2021, CMIA will replace BMOAM Corp. as a sub-advisor for the US Equity component of each of BMO North American Dividend Fund, BMO US Dollar Balanced Fund and BMO US Dollar Monthly Income Fund. BMOAM Inc. will remain the portfolio manager of BMO North American Dividend Fund, BMO US Dollar Balanced Fund and BMO US Dollar Monthly Income Fund.
Effective on or towards December 15, 2021, CMIA will replace BMOAM Inc. as portfolio manager of BMO International Equity Fund, BMO US Dividend Fund, BMO US Dollar Dividend Fund, BMO US Equity Class, Equity Fund BMO US and BMO US Small Cap Fund, and BMOAM Corp. act as a sub-advisor for these funds.
To learn more about BMO Mutual Funds, please visit www.bmo.com/fondsmutuels.
®/ ™ Trademarks / Trademark of Bank of Montreal, used under license.
BMO Mutual Funds are managed by BMO Investments Inc., which is an investment fund manager and separate legal entity from Bank of Montreal.
Commissions, trailing commissions (if applicable), management fees and expenses may all be associated with investing in mutual funds. Please read the fund facts or the simplified prospectus of the relevant mutual fund before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurance that BMO Money Market Fund or BMO US Dollar Money Market Fund will be able to maintain their respective NAV per security at a constant amount or that the full amount of your investment in such funds will be returned to you. Distributions are not guaranteed and are subject to modification and / or elimination. For a summary of the risks of investing in BMO Mutual Funds, please see the specific risks set out in the Simplified Prospectus.
About BMO Financial Group
Serving clients for 200+ years, BMO is a highly diversified financial services provider – the 8th largest bank in terms of assets, North America. With total assets of $ 971 billion from July 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to over 12 million clients and operates through the through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group
For further information: Media contact: Colleen Hamilton, Toronto, [email protected], (416) 867-3996; Marie-Catherine Noël, Montreal, [email protected], 514-877-8224