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TORONTO, Feb. 24, 2017 /CNW/ - EdgePoint Wealth Management ("EdgePoint") announced today that it will close Series O of all EdgePoint Portfolios on or about May 1, 2017.
The decision to close Series O was based on the narrowing of the management expense ratio ("MER") difference between Series O and EdgePoint's other fee-based Series F and F(N). Since the launch of Series O in 2009, the MER for all Series of EdgePoint's Portfolios has been declining as a result of growth and economies of scale. The small difference no longer justified the costs associated with managing a separate series for all four Portfolios.
All Series O units will be converted to the same Portfolio's Series F or F(N) units. The conversion rate will be based on the closing net asset value ("NAV") of the series on the day of conversion. Since the NAVs between the two series are different, the post-conversion unit balance will change, however the market value will remain the same. The transaction will have no tax implications. Any existing Series O automatic purchase and withdrawal plans will continue with the new Series F or F(N) units.
The Independent Review Committee ("IRC") of EdgePoint's Portfolios reviewed the proposed termination of Series O and is satisfied that the steps being taken achieve a fair and reasonable result for unitholders. This will have no impact on any of the other Series of EdgePoint's Portfolios.
ABOUT EDGEPOINT WEALTH MANAGEMENT
EdgePoint Wealth Management Inc. is an independent investment management firm based in Toronto, and owned and operated by investors.
This is not an offer to purchase. Mutual funds can only be purchased through a registered Dealer. Please read the simplified prospectus before investing. Copies are available from your financial advisor or at www.edgepointwealth.com. EdgePoint is a registered trademark of EdgePoint Investment Group Inc. EdgePoint® and Owned and Operated by InvestorsTM are trademarks of EdgePoint Investment Group Inc.
SOURCE EdgePoint Wealth Management Inc.
For further information: Patrick Farmer at 416.963.9353 or firstname.lastname@example.org.