We have been informed by Fiera Capital Corporation of fund changes that impact some of our Managed Index Interest Options.
Fiera Capital Corporation is implementing some funds changes, across its platform in December 2022. Two of these changes are impacting our universal life insurance fund line-up.
The Designated Indices of the following imaxx Managed Index Interest Options will be terminated on or about December 21, 2022. Accordingly, effective on or about December 5, 2022, the Designated Index, of the corresponding Managed Index Interest Options, were changed to reflect the new Funds as listed below:
Note: The investment objective of the previous and new Designated Indices is similar.
|prosperity Universal Life, ivari UniversalTM, WealthADVANTAGETM & EstateADVANTAGETM|
|Managed Index Interest Option||Designated Index|
|imaxx Canadian Bond Index Interest Option||Fiera SFI – Canadian Universe Bond Index Interest Option||imaxx Canadian Bond Fund||Fiera SFI – Canadian Universe Bond Fund|
|imaxx Canadian Equity Growth Index Interest Option#||Fiera Canadian Equity Index Interest Option#||imaxx Equity Growth Fund*||Fiera Canadian Equity Fund|
* In 2017, the name of the imaxx fund was changed by Fiera Capital Corporation from imaxx Canadian Equity Growth Fund to imaxx Equity Growth Fund.
# This Managed Index Interest Option is not available under prosperity 1 (PR1).
One of the Designated Indices of the following ivari Asset Allocation Portfolios Index Interest Option will be terminated on or about December 21, 2022. Accordingly, effective on or about December 5, 2022, the impacted Designated Index of the following ivari Asset Allocation Portfolios was changed to reflect the new Fund as listed below, noting:
- The investment objective of the previous and new Designated Index is similar.
- There are no changes to the other Designated Indices and to the percentage weighting applicable to each Designated Index.
- In January 2023, the monthly Performance Update Pages for the ivari Asset Allocation Portfolios Index Interest Option with the new Fiera SFI – Canadian Universe Bond Fund as one of the Designated Indices will be available on ivari.ca1
|prosperity Universal Life|
|ivari Asset Allocation Portfolio Index Interest Option||Designated Index|
|ivari Asset Allocation Portfolios Conservative Index Interest Option
ivari Asset Allocation Portfolios Balanced Index Interest Option
ivari Asset Allocation Portfolios Growth Index Interest Option
|imaxx Canadian Bond Fund||Fiera SFI – Canadian Universe Bond Fund|
A message will be included in the policyholder’s statement, under the ‘Keeping You Informed’ section, to inform policyholders about these changes.
Fund codes charts WFG-LP1779 and LP946 and Supplement to the Insurance Application Universal Life WFG-LP1220 and LP343 have been edited to reflect the changes and are available on ivari.ca.
As well, policy contracts for “prosperity and ivari Universal Life” policies issued on or after December 5, 2022, have been edited to reflect the changes.
For information on the new Designated Index (e.g.: asset class, MER, holdings, risk profile), please refer to the Fiera Funds overview. In January 2023, the monthly Performance Update Pages for the new Fiera funds will be available on ivari.ca1
For an illustration submitted prior to December 5, 2022, where the application/policy is still pending, please inform your clients of the fund changes. The LifeView illustration tool has been updated to reflect these changes.
1 December month-end Performance Updates Pages will be available on or about January 15, 2023.
Published on: December 5, 2022