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Fund news: New funds, dead funds, fee cuts, and re-branding
12/11/2017 1:54:51 PM
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By Fund Library News Wire  | Friday, June 02, 2017


 

By Mike Keerma

* Brompton files prelim prospectus for new European fund.
* OMERS buys a piece of Purpose.
* iShares cuts fees on three bond ETFs.
* TD shuts down Asia fund.
* Invesco to merge and terminate funds.
* LOGiQ rebrands Front Street and Aston Hill funds.

* Brompton files prelim prospectus for new European fund. Brompton Funds Ltd. filed a preliminary prospectus for the initial public offering its European Dividend Growth Fund. The fund aims to provide exposure to an equal-weight portfolio of large-cap European dividend growth companies. Companies comprising the portfolio must be a constituent of the STOXX Europe 600 Index, have a market capitalization of at least €15 billion, and have a history of or potential for dividend growth.

The fund will hold between 20 and 25 stocks, and up to 25% of the portfolio may be invested in companies that are not included on the STOXX Europe 600 Index but that would otherwise qualify.

* OMERS buys a piece of Purpose. Boutique fund factory Purpose Investments Inc. announced on May 25 that it has sold a minority interest in the company to Ontario municipal employee pension fund OMERS Platform Investments. OMERS is one of Canada's largest pension funds, with over $85 billion net assets under management.

In a release, Som Seif, President and CEO of Purpose Investments, said, “This new relationship with OMERS will provide us with the capital we need to advance our business faster and further. The opportunity in front of us now, to gain market share and to be the benchmark by which our peers are measured, is bigger than it has ever been. Further, this transaction allows us to reimagine the role we will play in our industry.”

* iShares cuts fees on three bond ETFs. iShares Canada, the wholly-owned ETF subsidiary of BlackRock Inc., announced a cut in the annual management fees on three of its fixed income ETFs to 0.9%, effective May 19. The funds include the iShares Canadian Universe Bond Index ETF (TSX: XBB), iShares Canadian Short Term Bond Index ETF (TSX: XSB), and iShares Core Canadian Short Term Corporate + Maple Bond Index ETF (TSX: XSH).

* TD shuts down Asia fund. TD Asset Management Inc. said it plans to shut down its TD Asian Growth Class due to a low number of unitholders. The fund is now closed to additional purchases, and will be terminated on or about Aug. 10. TD says unitholders may redeem or switch their holdings up to Aug. 10, at which time the4 fund will be liquidated and proceeds distributed to unitholders.

* Invesco to merge and terminate funds. Invesco Canada announced plans to merge Invesco Emerging Markets Debt Fund into its Invesco Global Bond Fund, effective the close of business on July 28, subject to unitholder approvals at a meeting on July 24. Series D and Series PTFU units will be terminated immediately prior to the merger.

Invesco also announced that it will terminate the following series of funds on the close of business on July 28, 2017:

Invesco Core Canadian Balanced Class, Series T8
Invesco Global Real Estate Fund, Series T8
Invesco Intactive Growth Portfolio, Series T8
Invesco Intactive Growth Portfolio Class, Series T8
Invesco Intactive Maximum Growth Portfolio, Series T8
Invesco Intactive Maximum Growth Portfolio Class, Series T8
Invesco Select Canadian Equity Fund, Series T8 and Series T6
Trimark Canadian Class, Series T8 and Series T6
Trimark Select Balanced Fund, Series T8.

* LOGiQ rebrands Front Street and Aston Hill funds. LOGiQ Capital 2016 announced name changes for its Front Street-branded mutual funds as shown in the following table:

The following Aston Hill-branded mutual funds have also undergone a name change to reflect the new LOGiQ branding:

Check Fund Library’s Market Activity page regularly for active updates on key market indexes and commodities.

@FundLibrary – Follow Fund Library on Twitter for daily information and updates.

Disclaimer

© 2017 by Fund Library. All rights reserved. Reproduction in whole or in part by any means without prior written permission is prohibited.

The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.

 
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