C$ unless otherwise stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, Oct. 1, 2020 /CNW/ - Manulife Investment
Management Limited ("the Manager") today announced a reduction of
management fees on certain mutual funds, the outcome of a
securityholder vote on a fund merger and the termination and final
valuation of Manulife Floating Rate Senior Loan Fund and of
Manulife U.S. Regional Bank Trust.
Reduction of Management Fees
A reduction of management fees on the following six mutual funds
will be effective on or about October 1,
2020:
|
Fund
Name
|
Series
|
Existing
Management
Fee (%)
|
New Management
Fee (%)
|
|
Manulife U.S. All
Cap Equity Fund
|
Advisor Series/
Series T
|
1.86
|
1.76
|
|
Series F/Series
FT
|
0.88
|
0.78
|
|
Manulife U.S. All
Cap Equity Class
|
Advisor Series/
Series T
|
1.86
|
1.76
|
|
Series F/Series
FT
|
0.88
|
0.78
|
|
Manulife U.S. Dollar
U.S. All
Cap Equity Fund
|
Advisor Series/
Series T
|
1.86
|
1.76
|
|
Series F/Series
FT
|
0.88
|
0.78
|
|
Manulife U.S.
Dividend Income
Fund
|
Advisor Series/Series
T
|
1.86
|
1.80
|
|
Series F/Series
FT
|
0.83
|
0.77
|
|
Manulife U.S.
Dividend Income
Class
|
Advisor Series/Series
T
|
1.86
|
1.80
|
|
Series F/Series
FT
|
0.83
|
0.77
|
|
Manulife U.S.
Equity
Fund
|
Advisor Series/Series
T
|
1.98
|
1.86
|
|
Series F/Series
FT
|
0.90
|
0.78
|
It is expected that the reduction in management fees should have
a corresponding impact on the management expense ratio of the funds
over time.
"Keeping our customers at the centre of all we do, we've
identified an opportunity to improve the pricing attractiveness of
six of our mutual fund products," said Bernard Letendre, Head of Wealth and Asset
Management, Canada. "Our team
regularly reviews our fund lineup with this in mind and as a result
of this ongoing process, we have lowered the management fees on
several U.S. equity funds."
Securityholder Approval to Merge Funds
Manulife Investment Management have received the required
approvals from applicable securityholders to proceed with the
previously announced proposed merger of the Manulife Floating Rate
Income Fund into the Manulife U.S. Unconstrained Bond Fund,
effective on or about October 23,
2020.
In addition to the receipt of the requisite securityholder
approval, the merger of these funds also received on September 9, 2020, the approval of the Canadian
securities regulators to effect this merger.
Previously Announced Fund Terminations
Further to its announcement on July 28,
2020, Manulife Investment Management Limited, the Manager of
Manulife Floating Rate Senior Loan Fund and Manulife U.S. Regional
Bank Trust (collectively, the "Funds") announces that the Funds
were terminated effective September 30,
2020 (the "Termination Date"). The Class A Units (TSX:
MFR.UN) of Manulife Floating Rate Senior Loan Fund and Class A
Units (TSX: MBK.UN) of Manulife U.S. Regional Bank Trust were
delisted from the Toronto Stock Exchange as at the close of
business on September 30, 2020.
As at the Termination Date, the final net asset value per Class
A Unit and final net asset value per Class U Unit of Manulife
Floating Rate Senior Loan Fund was $6.0088 and USD$4.5657, respectively. As at the Termination
Date, the final net asset value per Class A Unit and final net
asset value per Class U Unit of Manulife U.S. Regional Bank Trust
was $6.3800 and USD$6.9480, respectively. Payment of the
termination proceeds will be made on or about October 7, 2020 to the beneficial holders of such
units through CDS Clearing and Depository Services Inc.
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset
management segment of Manulife Financial Corporation. We draw on
more than a century of financial stewardship and the full resources
of our parent company to serve individuals, institutions, and
retirement plan members worldwide. Headquartered in
Toronto, our leading capabilities
in public and private markets are strengthened by an investment
footprint that spans 17 countries and territories. We complement
these capabilities by providing access to a network of unaffiliated
asset managers from around the world. We're committed to
investing responsibly across our businesses. We develop innovative
global frameworks for sustainable investing, collaboratively engage
with companies in our securities portfolios, and maintain a high
standard of stewardship where we own and operate assets, and we
believe in supporting financial well-being through our workplace
retirement plans. Today, plan sponsors around the world rely on our
retirement plan administration and investment expertise to
help their employees plan for, save for, and live a better
retirement.
As of June 30, 2020, Manulife
Investment Management had CAD$900
billion (US$660 billion) in
assets under management and administration. Not all offerings
are available in all jurisdictions. For additional information,
please visit manulifeim.com.
About Manulife
Manulife Financial Corporation is a leading international financial
services group that helps people make their decisions easier and
lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across
our offices in Canada,
Asia, and Europe, and primarily as John Hancock in the
United States. We provide financial advice, insurance, and
wealth and asset management solutions for individuals, groups and
institutions. At the end of 2019, we had more than 35,000
employees, over 98,000 agents, and thousands of distribution
partners, serving almost 30 million customers. As of June 30, 2020, we had $1.2
trillion (US$0.9 trillion) in
assets under management and administration, and in the previous 12
months we made $30.6 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
155 years. We trade as 'MFC' on the Toronto, New
York, and the Philippine stock exchanges and under '945' in
Hong Kong.
SOURCE Manulife Financial Corporation