TORONTO, Sept. 27, 2018 /CNW/ - Bridgehouse Asset Managers (Bridgehouse), the retail trade name for Brandes Investment Partners & Co., today announced a proposal to merge Greystone Canadian Equity Income & Growth Fund (the Terminating Fund) into Morningstar Strategic Canadian Equity Fund (the Continuing Fund), subject to obtaining all necessary securityholder and regulatory approvals. Bridgehouse has also decided to reduce the management fee applicable to Series A and Series F of Sionna Opportunities Fund, effective October 1, 2018, and end the appointment of Brandes Investment Partners, L.P. (Brandes LP) as a sub-advisor of Sionna Canadian Equity Fund, effective December 1, 2018.
Proposed Fund Merger
Bridgehouse has decided to implement the proposed merger of the Terminating Fund into the Continuing Fund due to the benefits of scale that are expected to be achieved by merging the Terminating Fund with the Continuing Fund.
Approval from securityholders of the Terminating Fund will be sought at a special meeting to be held on or about December 12, 2018. In advance of the meeting, full details of the proposed merger will be set out in a notice of meeting and management information circular that will be sent or made available to securityholders of record as at November 2, 2018. The notice of meeting and management information circular will also be available on SEDAR at www.sedar.com.
If the proposed merger is approved, the merger is expected to be implemented on or about December 14, 2018. Securityholders of each series of the Terminating Fund will receive securities of the equivalent series of the Continuing Fund. The Terminating Fund will be wound up as soon as possible following the merger. The Independent Review Committee of the funds listed above has reviewed the potential conflict of interest matters related to the proposed merger and has provided Bridgehouse, the manager of the funds, with a positive recommendation for the merger after determining that the merger, if implemented, achieves a fair and reasonable result for the funds.
If the merger is not approved, Bridgehouse expects to close the Terminating Fund at the end of the fourth quarter of 2018.
In anticipation of the proposed merger, the Terminating Fund will be closed to new purchases, excluding Pre-authorized debit plan purchases, effective as of close of business on September 27, 2018.
Management Fee Reduction
Effective October 1, 2018, the management fee applicable to Series A and Series F of Sionna Opportunities Fund will be reduced as indicated in the table below:
Series of Sionna Opportunities Fund |
Current Management Fee |
New Management Fee
|
Series A |
2.10% |
1.90%
|
Series F
|
1.10% |
0.90% |
Sub-advisor change for Sionna Canadian Equity Fund
Effective December 1, 2018, Brandes LP will cease to act as a sub-advisor of Sionna Canadian Equity Fund. Following this change, Sionna Investment Managers Inc. will remain as sub-advisor of the fund and Bridgehouse will remain as advisor.
About Bridgehouse Asset Managers:
Brandes Investment Partners & Co., operating under the retail trade name of Bridgehouse Asset Managers (Bridgehouse), is the manager of the Bridgehouse Funds. Securities of the Bridgehouse Funds are available through registered dealers only and not available through Bridgehouse. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
For more about Bridgehouse visit: bridgehousecanada.com and follow us on Twitter and LinkedIn
This news release is for information purposes only.
SOURCE Bridgehouse Asset Managers
Media Contact: Elizabeth Hoyle, Chief Marketing Officer, Bridgehouse Asset Managers, 416.306.5670, [email protected]
Share this article