PIMCO Announces Management Changes, September 26, 2014

As per the September 26, 2014 press release from PIMCO, a leading global investment management firm, former Group Chief Investment Officer, (“Group CIO“) William H. Gross has left the firm, effective immediately. In his place, PIMCO has elected Daniel Ivascyn to serve as Group CIO, as well as appointed Andrew Balls, CIO Global; Mark Kiesel, CIO Global Credit; Virginie Maisonneuve, CIO Equities; Scott Mather, CIO U.S. Core Strategies; and Mihir Worah, CIO Real Return and Asset Allocation. Scott Mather, Mark Keisel, and Mihir Worah have been appointed as Portfolio Managers on the Total Return Fund, a fund included in the Scotiabank Global Partners Portfolios.

In addition to allocating part of its assets to the PIMCO Total Return Fund, the Scotiabank Global Partners Portfolios also invests in the PIMCO Global Bond Fund.‎

As part of the overall risk management system put in place on the Scotiabank Global Partners Portfolios, 1832 Asset Management L.P. (“the Portfolio Manager“) will be meeting with PIMCO regarding their succession plan. Through regular oversight and due diligence, the Portfolio Manager will continue to monitor the funds closely to ensure that they will remain a good fit for the portfolios, based on the criteria for which these funds were initially selected. The Portfolio Manager believes that the PIMCO management change will not pose immediate risk to the portfolios.