Manulife Caps Monthly High Income FundBy Andrew Rickard | August 19 2015 10:42AM
Manulife Investments is capping the Manulife Monthly High Income Fund.
On Aug. 17 Manulife announced that, due to capacity concerns, it has decided that it is in the best interests of investors to cap the Manulife Monthly High Income Fund along with the related Manulife Monthly High Income Class and Manulife Canadian Balanced Private Pool. The funds will be capped to all new and ongoing purchases, supplementary deposits, and new pre-authorized chequing plans on Friday, Aug. 28, 2015 at 4:00 PM.
Manulife notes that switches into these funds will not be accepted and that the capping also applies to segregated fund contracts for which these were underlying funds.
“Given our unique scalable and repeatable process, the success of the funds, in terms of both performance and asset accumulation, and the concentration of the Canadian market, capping will allow us to continue investing in this manner without having to alter our process,” explains Alan Wicks, Senior Managing Director and Senior Portfolio Manager at Manulife Asset Management. “This same process will continue to be available to investors through other mandates, managed by the Value Equity team, such as Manulife U.S. Monthly High Income Fund and Manulife Dividend Income Fund.”