News Releases
TORONTO, November 19, 2010 – BMO Investments Inc. announced today changes to the investment strategies of BMO LifeStage 2017 Class, BMO LifeStage 2020 Class, BMO LifeStage 2025 Class, BMO LifeStage 2030 Class, BMO LifeStage 2035 Class and BMO LifeStage 2040 Class (collectively the “BMO Guardian LifeStage Classes”) of BMO Global Tax Advantage Funds Inc., a mutual fund corporation.
Effective November 26, 2010, the investment strategies of the BMO Guardian LifeStage Classes will change to allow each BMO Guardian LifeStage Class mutual fund to invest up to 100 per cent of its assets in securities of exchange-traded funds (“ETFs”) and other mutual funds, including funds that are managed by BMO Investments Inc. or one of its associates or affiliates.
“The changes we are making to the BMO Guardian LifeStage Classes combine the benefits of target-end date funds with the benefits of ETFs for investors in a simple to use investment solution” said Hugh McKee, Co-President and Chief Operating Officer, BMO Investments Inc.
Investors benefit from the potential for growth combined with built-in risk management through an asset allocation strategy that becomes more conservative over time. Investors will also have access to some of the benefits that ETFs provide, including lower transaction costs and broad market diversification. The anticipated costs savings resulting from the changes will be passed on to investors in the form of reduced management and fixed administration fees across all six BMO Guardian LifeStage Classes. The management fees and administration fees each will be reduced by 0.10 per cent for each BMO Guardian LifeStage Class mutual fund.
Target-end date funds are also an ideal investment solution for group retirement plans. BMO Investments Inc. will be making these target-end date portfolios available for plan sponsors and for members being serviced by BMO Financial Group's newly acquired BMO Group Retirement Services.
BMO Guardian LifeStage Classes are a series of portfolios designed to help investors meet their financial goals by selecting the target-end date that best coincides with their savings and/or retirement goals.
About BMO Investment Inc.
BMO Investments Inc., the manager of the BMO Guardian LifeStage Class mutual funds, is a member of BMO Financial Group and part of the organization's Private Client Group. The Private Client Group provides integrated wealth management services in Canada and the United States and had total assets under management and administration of $251 billion as at July 31, 2010.
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For all news media enquiries please contact:
Martha McInnis, Toronto, martha.mcinnis@bmo.com, (416) 867-3996
Sarah Bensadoun,