Canoe Financial simplifies its product shelf
CALGARY, Alberta, Oct. 24, 2018 -- Canoe Financial LP (“Canoe”) is streamlining its product shelf with the announcement of certain fund mergers designed to simplify its product line up. The mergers are subject to the receipt of all required regulatory and securityholder approvals.
The table below outlines the proposed funds to be merged into their corresponding continuing funds on or about February 1, 2019.
|Terminating Funds||Continuing Funds|
|Canoe Equity Income Portfolio Class||Canoe Asset Allocation Portfolio Class|
|Canoe Canadian Monthly Income Portfolio Class||Canoe North American Monthly Income Portfolio Class|
Canoe Canadian Corporate Bond Fund
Canoe Bond Advantage Fund
Canoe Floating Rate Income Fund
Canoe Strategic High Yield Fund
As announced on October 23, 2018, Canoe has also agreed to acquire the rights to manage various mutual funds currently managed by Fiera Capital Corporation, including Fiera Capital U.S. Equity Fund. Canoe proposes to merge Fiera Capital U.S. Equity Fund into Canoe U.S. Equity Income Portfolio Class. Due to the fact that Fiera Capital U.S. Equity Fund is currently larger than Canoe U.S. Equity Income Portfolio Class, Canoe is calling a meeting of securityholders of Canoe U.S. Equity Income Portfolio Class to vote on the proposed merger.
Canoe is also calling a meeting of securityholders of Canoe Asset Allocation Portfolio Class and Canoe North American Monthly Income Portfolio Class. Securityholders of Canoe Asset Allocation Portfolio Class and Canoe North American Monthly Income Portfolio Class are entitled to vote on the applicable proposed fund merger due to corporate law requirements.
Approval from securityholders of the relevant Canoe mutual funds will be sought at special meetings to be held on or about January 17, 2019. Details about the mergers will be contained in meeting materials to be mailed to securityholders of record as of November 27, 2018.
To facilitate certain mergers, Canoe intends to create new series for certain Continuing Funds. These series will only be available for purchase to existing investors of the Terminating Funds who merge into the new series.
If the proposed mergers are approved, securityholders of each series of each Terminating Fund will receive securities of a series of the corresponding Continuing Fund that has a management fee which is the same as, or lower than, the management fee on their existing series, determined on a dollar-for-dollar basis. If the proposed mergers are approved, purchases, switches and redemptions of securities of the Terminating Funds will be suspended on the business day immediately prior to the merger date. The Terminating Funds will be wound up as soon as possible following the mergers.
About Canoe Financial:
Canoe is one of Canada’s fastest growing independent mutual fund companies managing $4.8 billion in assets across a diversified range of award-winning mutual funds and private energy equity products. Founded in 2008, Canoe Financial LP is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe has offices in Calgary, Toronto, Vancouver, Winnipeg, and Montreal.
For further information, please contact:
Canoe Financial LP