1832 Asset Management announces unitholder approval for Scotia Aria Portfolio mergers, fee reductions and other changes

TORONTO, Sept. 15, 2023 /CNW/ - 1832 Asset Management L.P. (the "Manager") announced that it has received approval at special meetings of the unitholders today to merge certain funds (the "Mergers"), to simplify its ScotiaFunds product shelf and more closely align with client preferences.

The following mutual funds (each, a "Terminating Fund") will be merged into the corresponding mutual fund (each, a "Continuing Fund"):

Terminating Funds

Continuing Funds

Scotia Aria Conservative Defend Portfolio

to merge into

Scotia Aria Conservative Build Portfolio

Scotia Aria Conservative Pay Portfolio

Scotia Aria Moderate Defend Portfolio

to merge into

Scotia Aria Moderate Build Portfolio

Scotia Aria Moderate Pay Portfolio

Scotia Aria Progressive Defend Portfolio

to merge into

Scotia Aria Progressive Build Portfolio

Scotia Aria Progressive Pay Portfolio

Scotia Aria Equity Defend Portfolio

to merge into

Scotia Aria Equity Build Portfolio

Scotia Aria Equity Pay Portfolio


Each merger is expected to be implemented on or about October 13, 2023. All costs and expenses associated with each of the mergers will be borne by the Manager.

On the Merger date, each Terminating Fund and each Continuing Fund (except Scotia Aria Conservative Build Portfolio) will distribute any net income and net realized capital gains for its taxation year ending on the Merger date, to the extent necessary to eliminate its liability for income tax under Part I of the Income Tax Act (Canada).

Additional information concerning the mergers was included in the meeting materials that were mailed out to Terminating Fund unitholders of record as at July 27, 2023. The notice-and-access document and management information circular are available on SEDAR at www.sedarplus.ca and scotiafunds.com/securityholdervote.

Fee reductions in connection with the mergers

In connection with the Mergers, the Manager will reduce the fixed administration fee of each series of each Continuing Fund from 0.10% to 0.05%. All applicable fee reductions are expected to be effective concurrent with the effective date of the Mergers.

Name changes for Scotia Aria Build Portfolios

Effective October 20, 2023, the Scotia Aria Build Portfolios will be renamed to Scotia Essentials Portfolios and the asset allocation naming conventions will be changed so they are described in a consistent manner across all Scotia Portfolio Solutions. The new names are listed below:

Current Fund Name

New Fund Name

Scotia Aria Conservative Build Portfolio

Scotia Essentials Income Portfolio

Scotia Aria Moderate Build Portfolio

Scotia Essentials Balanced Portfolio

Scotia Aria Progressive Build Portfolio

Scotia Essentials Growth Portfolio

Scotia Aria Equity Build Portfolio

Scotia Essentials Maximum Growth Portfolio


Concurrently, Premium Series of the listed Scotia Essentials Portfolios will be renamed to Series A.

For further information on these and other ScotiaFunds, please visit scotiafunds.com.

Commissions, trailing commissions, management fees and expenses all may be associated with investments in the funds. Please read the prospectus before investing. Investments in the funds are not guaranteed, their values change frequently, and past performance may not be repeated.

About Scotia Global Asset Management

Scotia Global Asset Management includes 1832 Asset Management L.P., a limited partnership, the general partner of which is wholly owned by Scotiabank. Scotia Global Asset Management offers a range of wealth management solutions, including mutual funds, ETFs, and investment solutions for private clients, institutions and managed asset programs. For more information, please visit www.scotiagam.com.

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.4 trillion (as at July 31, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on X @Scotiabank.

SOURCE Scotiabank

For further information: For media enquiries only: Alexandra Mathias, Scotia Global Asset Management Communications, alexandra.mathias@scotiabank.com, 416-448-7044