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Accounts and Management Fees


Account Size

Minimum client portfolio size: $500,000
Minimum account size: $250,000

Where the minimum portfolio size is met, but no single account meets the $250,000 minimum, those client assets are invested in one of the Cardinal's Pooled Funds or another pooled product until the account reaches a size where it can be efficiently diversified as a Separately Managed Account. Both the Cardinal Canadian Equity Pool, and the Cardinal Foreign Equity Pool are guided by the same investment philosophy that influences our approach to individual portfolios.

Management Fees

The Cardinal fee structure helps to maximize portfolio values in two ways:
  1. Lower fees
    • Cardinal’s base annual fee is 1.5%, and works on a tiered structure as shown below.
  2. Tax deductibility
    • Management fees for investment counsel services are tax deductible in Canada for all non-registered accounts.
These two features have a significant impact on portfolio value over time.

Cardinal is not paid commissions on account transactions or trades, rather, we earn fees based on assets managed. This means that it is in our best interests to maximize the value of each client’s portfolio.

Fees are billed at the end of each calendar quarter. Our minimum annual fee is $5,000 (plus GST). Management fees do not include brokerage commissions, account transfer fees, and custodial fees (if any), all of which are paid for by the client.


Fee Structure for Individual Investors

Value of Assets
Management Fee (as a % of assets)
     
 Equities    
 First $2.0 million   1.50%
 Next $3.0 million   1.25%
 Next $5.0 million   1.00%

 Over $10.0 million 

  Negotiated



 Bonds

 First $2.0 million
1.00%
 Next $3.0 million
0.75%
 Over $5.0 million
0.50%