June 13, 2014
TD Asset Management (TDAM) announced on Monday that Satish Rai, Chief Investment Officer (CIO), will be retiring in January 2015. In his role as CIO, Satish oversaw all investment management for TD Asset Management. Bruce Cooper, the current Vice-Chair, Equities & Asset Allocation at TDAM will succeed to Satish as CIO.
This is an important development, which triggers a due diligence review to assess the impact of this change on the TD funds held in Meritage Portfolios, namely the TD Canadian Bond Fund, the TD Ultra Short Term Bond Fund and the TD Short Term Bond Fund. The due diligence review includes a comprehensive analysis of any quantitative and qualitative factors related to this change thereby ensuring that Meritage Portfolios continue to hold funds with above average prospects for long term risk-adjusted returns.
We do not have an immediate concern with regards to this development as TDAM has assembled over the years an impressive team of experienced portfolio managers to oversee the strategic and day-to-day decisions on its investment products. Key individuals include Rob Pemberton, Head of Fixed Income, Olga Bylaard, Managing Director and Dave McCulla, Vice President & Director.
The results of the due diligence review will be communicated over the coming weeks.
The commitment of Meritage Portfolios has always been to offer the best blend of the best funds available in the industry. From over 5,000 funds available to investors, 24 were carefully selected based on their potential return, sustained performance over time and the synergy of their portfolio managers’ investment approaches.
About Meritage Portfolios®
Meritage Portfolios® (the "Portfolios") are managed 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 investments in the Portfolios. Please read the prospectus of the Portfolios before investing. The Portfolios' securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The portfolios are not guaranteed, their values change frequently and past performance may not be repeated. "Meritage Portfolios®" and the Meritage Portfolios logo are trade-marks of National Bank of Canada, used under license by National Bank Investments Inc.