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
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
* 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.
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:
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