The Globe and Mail reports in its Monday edition that a new investment fee charged by the B.C. Securities Commission to help offset its growing operating deficit is being met with resistance from Canada's largest money managers. The Globe's Clare O'Hara writes that the fee change was first announced in 2024 for exchange-traded fund providers, and began to financially hit asset managers this year, adding about $4.6-million to annual costs for companies that sell ETFs in B.C. The industry says the same increase has not happened in other provinces. Canadian ETF Association, or CETFA, executive director Eli Yufest told The Globe that the BCSC introduced the fee without consulting the industry, or holding a public comment period. "This fee increases the risk of eroding returns for Canadians and undermines the competitiveness of Canadian ETFs," Mr. Yufest said. Some of the country's largest asset managers -- including BlackRock, Vanguard and Global X -- say the new fees are unreasonably high. In a letter, the group also argued the fees are not being accurately calculated and wants the BCSC to make further amendments to "fairly reduce the fees." Despite the increase, the BCSC still expects a deficit of $10.7-million for 2025.