TD Asset Management Inc. Announces Intention to Terminate Operations of Two TD Pools
TORONTO, July 28, 2014 /CNW/ - TD Asset Management Inc. ("TDAM"), the manager of TD Pools, today announced plans to terminate the operations of the TD Global High Yield Pool and the TD Global High Yield Pool Trust (the "Pools"), on or about October 3, 2014.
The decision to terminate the Pools was made as a result of measures announced in the federal budget in March 2013 regarding the elimination of tax benefits for investment funds that use forward contracts to convert income to capital gains for tax purposes. The budget describes this structure as "character conversion transactions". The Pools are part of the character conversion transactions employed by the TD Global High Yield Capital Class and were not available for investment by individual investors. As part of the recently announced termination of the TD Global High Yield Capital Class on or about October 3, 2014, the Pools will also be closed.
The TD Global High Yield Pool Trust has only been available for purchase by the TD Global High Yield Capital Class and has been closed to additional investments since April 12, 2013.
About TD Asset Management Inc.
TDAM offers a diverse range of over 120 investment solutions including mutual funds, professionally managed portfolios and corporate class funds. TDAM manages retail mutual fund assets on behalf of more than 1.9 million investors and offers one of the most broadly diversified fund families in Canada. Funds are available at TD Canada Trust branches (through TD Investment Services Inc. representatives), TD Direct Investing, TD Wealth Financial Planning and TD Wealth Private Investment Advice, as well as leading investment dealers, independent brokers, advisors and financial planners. As of June 30, 2014, TDAM was the fourth largest mutual fund company in Canada, with over CDN$90 billion invested in TD Mutual Funds (Source: IFIC).
SOURCE TD Asset Management Inc.For further information:
TD Bank Group