Revised Benchmark Returns for the Lazard Global Listed Infrastructure Fund
May 19, 2015
Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the fund listed below, which is established as a segregated fund in accordance with the Insurance Companies Act (Canada).
In March 2015, Lazard Asset Management LLC (Lazard) provided Morningstar® with revised benchmark returns for the Lazard Global Listed Infrastructure Fund (the Fund) since inception. The Fund’s benchmark is Canadian Consumer Price Index + 5%. Lazard had mistakenly used U.S. CPI returns in their benchmark calculation since they began reporting benchmark returns to Morningstar in 2012. In addition, a second calculation error beginning in May 2014 resulted in the benchmark returns being reported with the CPI data but omitting the additional 5% annualized.
The Lazard Global Listed Infrastructure Fund's returns have always been reported correctly; only the Fund's benchmark returns have been revised.
Revised benchmark returns are available on the Plan Sponsor and Plan Member Services website and on Morningstar.
How does this impact you and your plan members?
There is no impact, or action required of you and your plan members as a result of this update.
Please contact your Sun Life Group Retirement Services representative.