Because the Fiera Tactical Bond Yield Fund employs such a transaction as part of its investment strategy, Fiera Capital Corporation (TSX : FSZ) (Fiera) has taken the decision to protect existing unitholders and no longer accept new or additional investments to this Fund as of the close of business Monday, April 8, 2013.
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Fiera is currently awaiting further clarification from the federal government on the implementation of these new measures to character conversion transactions implemented before March 21, 2013. After consulting with external counsels and tax advisors, Fiera understands that the Department of Finance Canada has expressed concern if investment funds increase the size of existing character conversion transactions subsequent to the release of the budget. Based on the text published in the federal budget, Fiera believes that there will be no change in tax treatment for existing unitholders up to the forward termination date (e.g. August 17, 2016).
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