CANADA - Fidelity Investments Canada is expanding its institutional product range to offer defined benefit (DB) pension funds its international investments products.
Fidelity will initially offer investors two products, the Fidelity Select International Equity and the Fidelity International Growth funds.
The Fidelity Select International Equity fund will use a risk-controlled strategy designed to deliver Fidelity's superior stock-picking capabilities to the institutional marketplace. The approach will combine active stock selection with quantitative risk control in all major equity markets. This will result in consistent performance with low volatility, Fidelity claims.
The other fund, the Fidelity International Growth product, will also employ an active, bottom-up approach to construct sub-portfolios that are then subject to an asset allocation model.
Earlier this year, the Canadian government relaxed the investment restrictions on Canadian funds, allowing them to invest up to 30% of their assets in international investments.
Jeff Horbal, Fidelity's vice-president institutional investments, said: Now that federal regulations allow defined benefit plans up to 30% foreign content, it is the right time for us to tap even further into the expertise of Fidelity's team of 600 investment research and management professionals around the world.
Initially, the new products will be available to funds in Ontario, British Columbia, Alberta, Nova Scotia and, subject to regulatory approval, the other provinces and territories of Canada.
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