Mr. Leo Zerilli reports
MANULIFE INVESTMENT MANAGEMENT ANNOUNCES REDUCTION OF MANAGEMENT FEES ON THREE MUTUAL FUNDS AND THREE UPCOMING FUND TERMINATIONS
Manulife Financial Corp.'s Manulife Investment Management has reduced management fees on three global equity funds and will terminate three mutual funds. These changes will help streamline the company's platform of actively managed investments and further its commitment to offering diverse, strong-performing products to help investors achieve their goals.
Reduction of management fees
A reduction of management fees on the series of three mutual funds listed in the attached table will be effective on or about March 1, 2021.
It is expected that the reduction in management fees should have a corresponding impact on the management expense ratio of the funds over time.
"Delivering the best value possible to Canadian investors is a priority for us," said Leo Zerilli, head of wealth and asset management, Canada. "Our team constantly monitors our fund lineup and identified an opportunity to improve our pricing on certain products within the global equity category."
Effective on or about June 28, 2021, Manulife Investment Management will terminate the following funds and distribute the proceeds to securityholders of record on that date. The planned terminations include:
Manulife Fundamental Dividend Class;
Manulife Global Dividend Growth Class;
Manulife Global Real Estate Unconstrained Fund.
Prospectus-qualified securities of the terminating funds will no longer be available for new purchases effective as of 4 p.m. ET on March 3, 2021. This includes purchases through automatic investment services such as preauthorized chequing plans or automatic rebalancing services. Impacted investors are encouraged to contact their advisers to discuss the financial and tax implications of these fund changes and to discuss options, including how to switch their assets to another Manulife mutual fund that best meets their individual investment needs and circumstances prior to the termination date.
About Manulife Investment Management
Manulife Investment is the global wealth and asset management segment of Manulife Financial. It draws on more than a century of financial stewardship and the full resources of its parent company to serve individuals, institutions, retirement plan members worldwide. Headquartered in Toronto, Manulife Investment's leading capabilities in public and private markets are strengthened by an investment footprint that spans 17 countries and territories. Manulife Investment complements these capabilities by providing access to a network of unaffiliated asset managers from around the world. Manulife Investment committed to investing responsibly across its businesses. Manulife Investment develops innovative global frameworks for sustainable investing, collaboratively engage with companies in its securities portfolios, and maintain a high standard of stewardship where Manulife Investment owns and operates assets, and it believes in supporting financial well-being through its workplace retirement plans. Today, plan sponsors around the world rely on Manulife Investment's retirement plan administration and investment expertise to help their employees plan for, save for and live a better retirement.
As of Dec. 31, 2020, Manulife Investment had $966-billion ($758-billion (U.S.)) in assets under management and administration. Not all offerings are available in all jurisdictions.
Manulife Financial is a leading international financial services group that helps people make their decisions easier and lives better. With its global headquarters in Toronto, Canada, the company operates as Manulife across its offices in Canada, Asia and Europe and primarily as John Hancock in the United States. Manulife provides financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2020, the company had more than 37,000 employees, over 118,000 agents and thousands of distribution partners, serving over 30 million customers. As of Dec. 31, 2020, Manulife had $1.3-trillion ($1-trillion (U.S.)) in assets under management and administration, and, in the previous 12 months, Manulife made $31.6-billion in payments to its customers. The company's principal operations are in Asia, Canada and the United States, where Manulife has served customers for more than 155 years. Manulife trades as MFC on the Toronto, New York and the Philippine stock exchanges and under 945 in Hong Kong.
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