National Bank Financial Group

National Bank Financial Group

April 06, 2009 08:30 ET

National Bank Securities Announces Measures to Optimize Its Investment Fund Line-Up

MONTREAL, QUEBEC--(Marketwire - April 6, 2009) - National Bank Securities announces the convening of special securityholder meetings to obtain approval for changes to a number of its funds. These changes aim to simplify its mutual fund line-up, while also delivering benefits for both investors and the financial advisors who distribute National Bank Securities' funds.

Simplification of the line-up will result from merging 29 National Bank and Altamira Funds that have similar investment objectives. Further, the investment objectives for three funds will be modified to give their portfolio managers more flexibility and potential for greater returns. Finally, 15 funds will also be renamed to better reflect their investment objectives and brand attributes.

"This is the final phase of the process of integrating Altamira into National Bank Securities, a process that began last November", declared Charles Guay, President and Chief Executive Officer of National Bank Securities.

Once these changes are complete, National Bank Securities will have four fund families - each with its own characteristics, distinct features and advantages. In a context where the fund offering available to investors in Canada is both broad and complex, National Bank Securities wishes to make it easier to understand the distinctions between the National Bank, Altamira, Omega and Meritage fund families.

- National Bank Mutual Funds: core funds managed by Natcan Investment Management;

- Altamira Funds: specialized funds managed by Natcan Investment Management;

- Omega Funds™: funds for which the portfolio management is conducted by external firms;

- Meritage Portfolios™: investment portfolios comprised of 100 % third-party funds.

National Bank Securities is also taking this opportunity to slightly reposition the branding of its funds, in order to render its product line-up more intuitive. All in all, National Bank Securities believes this exercise will enable it to better respond to the needs of its growing clientele of investors and financial advisors, and ultimately increase its competitiveness in the marketplace.

At the special meetings, scheduled for June 4 to 11, 2009, securityholders of the relevant funds will consider various matters, including:

- changing the fundamental investment objectives of National Bank/Fidelity True North® Fund (which will be renamed "Omega Canadian Equity Fund") and of National Bank/Fidelity Global Fund (which will be renamed "Omega Global Equity Fund") to move from a "fund of fund" structure to a regular structure, while nonetheless maintaining similar objectives;

- changing the fundamental investment objective of Altamira US Larger Company Fund (which will be renamed "Altamira U.S. Equity Fund") to broaden its mandate in order to allow investments in securities of American companies of all capitalizations;

- the modernization of the declarations of trust of National Bank/Fidelity True North® Fund, National Bank/Fidelity Global Fund, Altamira US Larger Company Fund and Altamira Income Fund; and

- the fund mergers set forth in the following table :

Proposed Mergers
Each Terminating Fund shall merge into the corresponding Continuing Fund.
Certain funds will also be renamed, as indicated.
Terminating Fund Continuing Fund Name Changes
National Bank Treasury Bill National Bank Money
Plus Fund Market Fund
Altamira T-Bill Fund
Altamira Short Term National Bank Mortgage
Government Bond Fund Fund
Altamira Inflation- Altamira Long Term Bond
Adjusted Bond Fund Fund
Altamira Global National Bank Global Will be renamed
Bond Fund Bond Fund "Altamira Global Bond
Altamira Short Term Global Fund"
Income Fund
Altamira High Yield National Bank High Will be renamed
Bond Fund Yield Bond Fund "Altamira High Yield
Bond Fund"
Altamira Monthly Income National Bank Monthly
Fund Income Fund
Altamira Balanced Fund National Bank Balanced
National Bank Retirement Diversified Fund
Balanced Fund
Altamira Global National Bank Growth
Diversified Fund Diversified Fund
National Bank/Fidelity Altamira Growth & Will be renamed
Canadian Asset Allocation Income Fund "Altamira Tactical
Fund Asset Allocation Fund"
Altamira Canadian Value National Bank Canadian
Fund Equity Fund
Altamira Capital Growth Altamira Equity Fund Will be renamed
Fund Limited "Altamira Canadian
Equity Growth Fund"
Altamira Special Growth National Bank Small
Fund Capitalization Fund
Altamira Global Value Fund National Bank Global
National Bank Future Equity Fund
Economy Fund
Altamira Select American Altamira US Larger Will be renamed
Fund Company Fund "Altamira U.S.
Equity Fund"
National Bank European Altamira European
Equity Fund Equity Fund
National Bank Asia-Pacific Altamira Asia
Fund Pacific Fund
Altamira Global Discovery National Bank Emerging Will be renamed
Fund Markets Fund "Omega Emerging
Markets Fund"
National Bank European Altamira Global Small
Small Capitalization Fund Company Fund
National Bank Natural Altamira Resource Fund
Resources Fund
National Bank Global Altamira Science and
Technologies Fund Technology Fund
National Bank Canadian Altamira Precision Will be renamed
Index Fund Canadian Index Fund "Altamira Canadian
National Bank Canadian Index Fund"
Index Plus Fund
National Bank American National Bank Will be renamed
Index Plus Fund American Index Fund "Altamira U.S.
Index Fund"
Altamira Precision Altamira Precision Will be renamed
European Index Fund International "Altamira International
Currency Neutral Currency Neutral
Index Fund Index Fund"
Altamira Precision U.S. Altamira Precision U.S. Will be renamed
Midcap Index Fund Currency Neutral Index "Altamira U.S.
Fund Currency Neutral
Index Fund"

The management fees of National Bank American Index Fund and of National Bank International Index Fund will be reduced to 0.45% in order to be aligned with the Altamira Index Funds.

Three other funds will also change names at that time: Altamira Short Term Canadian Income Fund will be renamed "National Bank Short Term Canadian Income Fund", National Bank Quebec Growth Fund will be renamed "Altamira Quebec Growth Fund" and National Bank International Index Fund will be renamed "Altamira International Index Fund".

Subject to regulatory and securityholder approval and to the positive recommendation of the Independent Review Committee, the proposed changes will take effect on or about June 12, 2009. Should the required approvals not be obtained, such fund(s) will continue to exist as they did before, with the exception of Altamira T-Bill Fund, which would then be terminated.

Immediately following the close of business on April 6, 2009, the Terminating Funds will be closed to new purchases, with the exception of pre-established systematic investment and distribution reinvestment plans.

All information pertaining to the changes proposed as part of the special meetings will be provided to current investors, and potential investors can obtain this information from National Bank Securities prior to the special meetings. The time and place of the special meetings will appear in the notice of meeting and management information circular which will be mailed to securityholders. In addition, this information will be posted to and will be available from your advisor or from National Bank Securities.

About National Bank Securities Inc.

The National Bank Mutual Funds (including the Omega Funds™) and the Altamira Funds (the "Funds"), as well as the Meritage Portfolios ® (the "Porfolios") are offered by National Bank Securities Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Funds or in the Portfolios. Please read the prospectus of the Funds or of the Portfolios before investing. The Funds' and Portfolios' securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds and the Portfolios are not guaranteed, their values change frequently and past performance may not be repeated.

"Omega Funds™" and the Omega Funds logo and ''Meritage Portfolios®'' and the Meritage Portfolios logo are trademarks of National Bank of Canada, used under license by National Bank Securities Inc.

About National Bank of Canada

National Bank of Canada, which is celebrating its 150th anniversary in 2009, is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. The National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has close to $137 billion in assets and, together with its subsidiaries, employs 17,199 people. The Bank's securities are listed on the Toronto Stock Exchange (TSX:NA). For more information, visit the Bank's website at

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Contact Information

  • National Bank Financial Group
    Marie-Claude Lavigne
    Public Relations