QUEBEC CITY, May 1, 2012 /CNW Telbec/ - The Universitas Foundation of Canada (hereinafter "the Foundation") and Universitas Management Inc. (hereinafter "UMI") have agreed to increase the rate of administration fees charged by UMI to the UNIVERSITAS plan Trust, the REFLEX plan Trust and the INDIVIDUAL plan Trust (collectively the "Trusts").
The current rate of administration fees charged by UMI corresponds to 1.10% of assets under management. As of May 1, 2012, this rate will be increased to 1.43% (plus taxes) of the Trusts' assets under management. As a result of several compelling factors, the Foundation and UMI had no other choice but to raise the rate of administration fees. Among these, UMI had to comply with new regulatory requirements.
This increase in the rate of administration fees is carried out in accordance with the provisions of the restated Trust agreement, signed on December 23, 2010, between Trust Eterna Inc., the Foundation and UMI.
Moreover, after due consideration of the conflict of interest issues raised by this increase in the rate of administration fees, the Independent Review Committee did not oppose the rate increase proposed by UMI. In addition, as requested by the Independent Review Committee and the Autorité des marchés financiers (AMF), a notice was sent to all subscribers to inform them of this change in the rate of administration fees charged by UMI to the Trusts.
About the Universitas Foundation of Canada
Established in 1964, the Universitas Foundation of Canada is an RESP industry leader, at the service of clients across the provinces of Quebec and New Brunswick. The organization's not-for-profit structure enables it to concentrate all efforts on providing the highest possible scholarships. With the mission to favour post-secondary education through savings and scholarships or educational assistance payments, the Universitas Foundation manages nearly $800 million in assets and has paid out close to $400 million in scholarships to hundreds of thousands of students. For more information, please refer to the website universitas.ca.
Contacts for the media:
Isabelle Grenier, LL.B
Vice-President
Senior Manager Corporate Affairs and HR
Universitas Management Inc.
[email protected]
418 651-8977, ext. 2244
Tina Fournier Ouellet
Communications and Public Relations
Universitas Management Inc.
[email protected]
418 651-8977, ext. 2320
Share this article