Bank of Montreal's BMO Mutual Funds has announced the addition of seven new RSP World Funds to its registered retirement savings plans funds. The new funds are designed to appeal to investors who want to increase global investments in their retirement plans, according to Bank of Montreal.
A Canadian investor cannot invest more than 30 percent of his retirement plan in non-Canadian securities. Bank of Montreal's RSP World Funds enable investors to get around the 30 percent limit by replicating the performance of well-known international indexes, such as the S&P 500, or by investing in bonds denominated in foreign currencies and issued by the Canadian government, according to the company. Technically, these funds are "made in Canada", which makes them entirely eligible for retirement plans, said the bank.
The seven new funds are: Global Bond Fund, RSP Global Balanced Fund, RSP Global Opportunities Fund, RSP Global Financial Services Fund, RSP Nasdaq Index Fund, RSP Global Health Sciences Fund, and RSP Global Technology Fund. The funds will be managed by Rothschild Asset Management, Harris Investment Management, J.P. Morgan Investment Management and State Street Global Advisors Ltd.