Management Fee:
Corex charges clients 0.60% on Assets Under Management (AUM) as a discretionary management fee. This fee includes all custody and trade execution charges. The management fee is calculated based on your average daily account value over a month, and is withdrawn from your account on a monthly basis. You can see the AUM fees in your monthly statement, and in the annual management fee report made available in your account. Your management fee is also subject to sales taxes, which will vary depending on your province of residence.
Below is a hypothetical example of how the AUM fee works:
- If your account is valued at $10,000.00, and hypothetically speaking, remains at a constant $10,000.00 throughout the year, your discretionary management fee will be $10,000.00 x 0.0060 = $60 per year, or $5 per month
Please note that Corex only charges management fees when your funds are invested. Corex does not charge fees for any funds that are on hold, or for any funds held as cash when you are liquidating your account. A record of the fees charged to your account is available in your monthly statement.
Indirect Fee(s):
All Management Expense Ratio (MER)* on 3rd party investment products in the model portfolios are charged within the products themselves.
In other words, you will not see this listed as a line item on your account statements.
Depending on the type of model portfolio you own, your average overall MER paid on the products included in your portfolio may range from 0.60-1.28%**.
*The Management Expense Ratio (MER) represents the combined total of the management fee, operating expenses, and taxes charged to a fund during a given year expressed as a percentage of a fund's average net assets for that year. All mutual funds and exchange-traded funds have an MER. MER also includes any applicable sales taxes.
**On select 3rd party investment products, a performance fee may be charged on excess returns when the investment returns exceed a specified performance benchmark. Performance fees are included in the MER calculation and thus the total reported MER may appear higher for investment products with a performance fee, compared to investment products without a performance fee
Other Applicable Account Fees:
Please see the custodian institution, CI Investment Services' Administrative Charges schedule for a full list of their applicable account fees.
Disclaimers:
Corex Financial Inc. ("Corex") offers wealth management products and services to Manzil customers. Corex Financial Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Alberta, Ontario, Newfoundland and Labrador, and Quebec. Assets in your Corex accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). All trademarks are the property of their respective owners. Corex will determine what investments are suitable for you.
