Click here to close now.

Welcome!

.NET Authors: Pat Romanski, Elizabeth White, Liz McMillan, Jaynesh Shah, Carmen Gonzalez

News Feed Item

Canoe Financial Proposes Fixed Administration Fees to Increase Fee Predictability and Consistency and Other Changes

CALGARY, ALBERTA -- (Marketwired) -- 10/21/13 -- Canoe Financial LP, one of the fastest growing mutual fund companies in Canada, today announced a proposal to change its method of charging operating expenses to certain of its mutual funds (the "Funds") to increase fee predictability and consistency, and certain other changes as described below. Special meetings of securityholders will be held on or about December 17, 2013 to consider the proposed changes.

Fixed Rate Administration Fee

Canoe Financial is proposing to pay the operating expenses of each Fund, other than certain fund costs, in exchange for the payment by each Fund of a fixed rate administration fee. If the proposal is approved by securityholders, the fixed rate administration fee change will be implemented January 1, 2014. Similar fixed rate administration fee proposals have already been adopted by securityholders of several large Canadian mutual fund companies.

Canoe Financial may, in some years and in certain cases, pay a portion of a series' administration fee or fund costs. The decision to absorb the administration fee or fund costs is reviewed annually and determined at the discretion of Canoe Financial, without notice to securityholders.

Currently, each Fund is allocated all of its own operating expenses which comprise a portion of the management expense ratio (MER) of the Fund. If approved, this proposal will provide investors with increased predictability and consistency in fees, as certain components of the MER for the Funds will become fixed rather than varying from year to year as they do presently.

Under the proposal, the fixed administration fee will be equal to a percentage of the net asset value (NAV) of a series, calculated and paid in the same manner as the management fee for the series. The rate of the annual administration fee is tiered: one rate applies to the first $750 million of the NAV of the series and a lower rate applies to the NAV of the series in excess of $750 million. The administration fee will be subject to GST, HST and other applicable taxes.

Canoe Financial referred the proposal to the Funds' Independent Review Committee, which acts in an advisory capacity representing the interests of the Funds and securityholders. The Independent Review Committee has reviewed the proposal and determined that, if implemented, it would achieve a fair and reasonable result for the Funds and securityholders.

Securityholders are encouraged to visit www.canoefinancial.com to obtain detailed information regarding the impact of the proposed fixed rate administration fee, and to review the amendment to the simplified prospectus for the Funds to be filed in connection with the proposal, which will be available at www.sedar.com.

Other Proposed Changes

In addition to the proposed fixed rate administration fees, Canoe Financial today announced proposals to modify the language in the investment objectives of EnerVest Natural Resource Fund and to amend the redemption rights of certain Funds. These proposed changes will also be considered at the special meetings.

Investment Objectives

Canoe Financial is proposing to amend the language in the investment objectives of EnerVest Natural Resource Fund to conform to the style used in the investment objectives of the other Funds managed by Canoe Financial and to reflect that EnerVest Natural Resource Fund will have greater flexibility to invest its assets in foreign securities in addition to its current focus on Canadian securities. The portfolio manager currently intends to limit its investments in foreign securities to no more than 30% of the Fund's assets.

Redemption Rights Change

Canoe Financial is proposing to amend the redemption rights of the Funds to give Canoe Financial broader authority to redeem investors from the Funds where the holding of securities by an investor is, in Canoe Financial's reasonable opinion, detrimental to the Fund or as otherwise determined by Canoe Financial, including in connection with a reorganization or winding-up of the Fund or otherwise.

Special Meetings of Securityholders

Special meetings of securityholders will be held on or about December 17, 2013 to consider the proposed changes. In late November, securityholders of record as of the close of business on November 15, 2013 will receive an information circular with full details of the proposed changes as well as a proxy form. The proposed changes are subject to the applicable Funds obtaining all necessary approvals, including securityholder approval.

About Canoe Financial LP

Canoe Financial is an investment management firm focused on building financial wealth for Canadians through investing in Canada. Its 'GO CANADA!' investment thesis reflects Canoe's strategic confidence in Canada as a place to invest. With continued global urbanization, increasing worldwide demand for resources, and Canada's sound fiscal structure, Canoe believes this country provides long-term growth potential for investors.

Canoe Financial is one of Canada's fastest-growing mutual fund companies and currently manages approximately $1.7 billion in assets as at September 30, 2013 through its investment products. To learn more, visit www.canoefinancial.com.

Important information regarding the Funds, including conditions of purchase, investment strategy, distribution policy, management fees, and expenses, are set out in the Funds' Simplified Prospectus and Annual Information Form which are available on Canoe Financial's website at www.canoefinancial.com or SEDAR at www.sedar.com. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed and their values change frequently. These funds are new and there is no history of performance associated with these Funds. This communication is for information purposes only and is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document which should be read carefully before making any investment. Investors should consult their Investment Advisor for complete details and risk factors on specific strategies and various investment products.

This communication may contain forward-looking statements which involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated, and should not be unduly relied upon. Canoe Financial does not undertake any obligation to publicly update or revise any forward- looking statements. Market conditions may change and Canoe Financial accepts no responsibility for individual investment decisions arising from the use or reliance on the information contained herein.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS solutions that provide a Hadoop flavor either make choices for customers very flexible in the name of opti...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device experiences grounded in people's real needs and desires.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT.
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers is very hard. You have to learn five new and different technologies and best practices (libswarm, sy...
SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.