TORONTO, Feb. 20, 2013 /CNW/ - NEI Investments today announced its
intention to make specific changes to its mutual fund line-up pending
PROPOSED FUND MERGERS
NEI Investments has announced the following proposed mergers of funds:
NEI Ethical Growth Fund
NEI Ethical Canadian Dividend Fund
NEI Northwest Specialty Growth Fund Inc.
NEI Northwest Enhanced Yield Equity Corporate Class
NEI Ethical Select Global Balanced Portfolio
NEI Ethical Select Canadian Balanced Portfolio
NEI Ethical Select Global Growth Portfolio
NEI Ethical Select Canadian Growth Portfolio
NEI Select Global Balanced Corporate Class Portfolio
NEI Select Canadian Balanced Corporate Class Portfolio
NEI Select Canadian Growth Corporate Class Portfolio
NEI Select Global Growth Corporate Class Portfolio
Securityholders of the terminating funds will be asked to approve the
mergers at a meeting to be held on or about April 23, 2013.
Effective on or about March 1, 2013, units of the four terminating Portfolios listed in the table above will
no longer be available for purchase, except for those securityholders
who have existing arrangements in place to purchase units or shares
under pre-authorized contribution plans. Securityholders of the
terminating Portfolios will continue to have the right to redeem their
units or shares up to the close of business on the business day
immediately before the effective date of the mergers.
PROPOSED CHANGES OF FUNDAMENTAL INVESTMENT OBJECTIVES
At the same meeting of securityholders, the securityholders of the NEI
Ethical Select Canadian Balanced Portfolio, NEI Ethical Select Canadian
Growth Portfolio and NEI Select Canadian Balanced Corporate Class
Portfolio will be asked to approve changes in the fundamental
investment objectives of those funds to eliminate the current
Full details of the merger transactions and changes to fundamental
investment objectives will be contained in a Management Information
Circular to be provided to securityholders of the affected funds.
The NEI Investments Independent Review Committee has determined that the
proposed mergers and changes in fundamental investment objectives
achieve a fair and reasonable result for the affected funds.
In addition to securityholder approval, the proposed mergers are subject
to regulatory approval. If all necessary approvals are obtained, it is
anticipated that the proposed mergers changes in fundamental investment
objectives will become effective on or about May 24, 2013.
For more information please visit: www.NEIInvestments.com.
ABOUT NEI INVESTMENTS
NEI Investments is a national investment firm with approximately $5
billion in assets under management. In simple terms, NEI Investments'
mission is to provide high quality, unique investment solutions. The
Northwest Funds and Ethical Funds product suites provide investors with
a full range of fund management styles as well as conventional and
sustainable investment choices.
NEI Investments is owned 50% by the Provincial Credit Union Centrals and
50% by Desjardins Group, united in their focus to strengthen and serve
the cooperative financial movement across Canada. This backing of
experience and vast resources provides economies of scale and allows
NEI Investments to actively support business growth in these networks
as well as independent advisor channels.
NEI Investments has offices in Toronto, Vancouver and Montreal.
SOURCE: NEI Investments
For further information:
SVP, Legal, CCO & Corporate Secretary
Phone: 416 933-6288
Maverick Public Relations
Phone: 416 640-5525 ext 244