National Bank Investments Announces Portfolio Management Changes and the Termination of Three NBI Funds


Montreal, May 17, 2024 – National Bank Investments Inc. (“NBI”) today announced portfolio sub-advisor changes for certain NBI Funds (the “Funds”) and the closure of the NBI Diversified Canadian Equity Private Portfolio, the NBI Diversified U.S. Equity Private Portfolio and the NBI Diversified International Equity Private Portfolio (the “Portfolios”).


Portfolio Management Changes

On or around June 21, 2024, National Bank Trust Inc. (“NBT”) will transition the portfolio sub-advisory responsibilities for the NBI Diversified Emerging Markets Equity Fund from BNY Mellon Asset Management Canada Ltd. (“BNY Mellon”) ― which in turn delegated the sub-advisory to Newton Investment Management Limited (“Newton”) ― directly to Artisan Partners Limited Partnership which will jointly act as portfolio sub-advisor alongside Goldman Sachs Asset Management L.P. Therefore, BNY Mellon (and consequently Newton) will no longer serve as portfolio sub-advisor of the NBI Diversified Emerging Markets Equity Fund.

On or around June 14, 2024, NBT will appoint Beutel, Goodman & Company Limited (“Beutel”) to jointly act as portfolio sub-advisor of the NBI Canadian Fixed Income Private Portfolio with RP Investment Advisors LP (“RPIA”).

On or around June 10, 2024, NBT will transition Fiera Capital Corporation’s (“Fiera”) portfolio sub-advisory responsibilities for the NBI Corporate Bond Fund directly to Beutel and RPIA, which consequently will jointly act as portfolio sub-advisors of the Fund. Therefore, Fiera will no longer serve as portfolio sub-advisor of the NBI Corporate Bond Fund.

The Funds’ investment objectives remain unchanged. As portfolio manager, NBT will continue to ensure compliance with investment decisions in relation to the mandates.

These changes are part of NBI’s open architecture structure governance process.


Termination of Portfolios

The termination of the Portfolios will take place by August 31, 2024, at the latest. Starting at 11:59 p.m. today, NBI will close the Portfolios to new subscriptions.

These changes will be included in the amendment to the NBI Funds’ simplified prospectus, which will be filed on the SEDAR+ website and on the NBI website.


About NBI Funds

NBI Funds (the “Funds”) are offered by National Bank Investments Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the Funds before investing. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently, and past performance may not be repeated.

About National Bank Investments Inc.

National Bank Investments Inc. (“NBI”) is an investment funds management firm committed to manufacturing and offering mutual funds, investment solutions and services designed to help Canadian investors pursue their financial goals. As at March 31, 2024, assets under management in NBI products were valued at over $86.45 billion.

Guided by an open architecture strategy, NBI is dedicated to providing diverse solutions to meet the evolving needs of its clients. NBI consistently strives to be recognized as a key partner by combining innovation and excellence. NBI’s role is not limited to administrative aspects of management; NBI Advisory Services and its registered representatives form a team of specialists who provide information and advice to help advisors build portfolios adapted to their clients’ financial needs. Follow NBI’s activities at or via social media such as YouTube and LinkedIn.

National Bank Investments is a signatory of the United Nations-supported Principles for Responsible Investment, a member of Canada’s Responsible Investment Association, and a founding participant in the Climate Engagement Canada initiative.

About National Bank of Canada

With $434 billion in assets as at January 31, 2024, National Bank of Canada is one of Canada's six systemically important banks. The Bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at or via social media.



Stéphanie Rousseau
Senior Advisor, Public Affairs
National Bank of Canada
Tel.: 514-394-5684