TORONTO, Feb. 13, 2020 /CNW/ - Bridgehouse Asset Managers (Bridgehouse), the retail trade name for Brandes Investment Partners & Co., today announced a proposal to merge the following funds effective on or about May 22, 2020, subject to obtaining all necessary securityholder and regulatory approvals:
Terminating Funds |
Continuing Funds |
Lazard Global Equity Income Fund |
Lazard Global Managed Volatility Fund |
Lazard Emerging Markets Multi-Asset Fund |
Lazard Global Balanced Income Fund |
Bridgehouse has also decided to change the name of the Lazard Global Managed Volatility Fund to Lazard Defensive Global Dividend Fund and modify the investment strategies to factor in a company's ability to pay sustainable and attractive levels of dividends, each change effective February 28, 2020. Bridgehouse will also be changing the Lazard Global Managed Volatility Fund's distribution policy to monthly, effective March 15, 2020.
Proposed Fund Mergers
Bridgehouse has decided to implement the proposed mergers of the Terminating Funds into the Continuing Funds due to the benefits of scale that are expected to be achieved by merging the Terminating Funds with the Continuing Funds.
Approval from securityholders of the Terminating Funds and Lazard Global Managed Volatility Fund will be sought at special meetings to be held on or about May 12, 2020. In advance of the meetings, full details of the proposed mergers will be set out in a notice of meetings and management information circular that will be sent or made available to securityholders of record as at March 24, 2020. The notice of meetings and management information circular will also be available on SEDAR at sedar.com.
If the proposed mergers are approved, the mergers are expected to be implemented on or about May 22, 2020. Securityholders of each series of the Terminating Funds will receive securities of the equivalent series of the Continuing Funds. The Terminating Funds will be wound up as soon as possible following the mergers. The Independent Review Committee of the funds listed above has reviewed the potential conflict of interest matters related to the proposed mergers and has provided Bridgehouse, the manager of the funds, with a positive recommendation for the mergers after determining that the mergers, if implemented, achieve a fair and reasonable result for the funds.
In anticipation of the proposed mergers, the Terminating Funds will be closed to new purchases, excluding pre-authorized debit plan purchases, effective as of close of business on February 28, 2020.
Changes to Lazard Global Managed Volatility Fund
Effective February 28, 2020, the Lazard Global Managed Volatility Fund will be renamed Lazard Defensive Global Dividend Fund and the Fund's investment strategies will be modified to factor in a company's ability to pay sustainable and attractive levels of dividends. In addition, the Fund's distribution policy will be changed to monthly, effective March 15, 2020.
About Bridgehouse Asset Managers:
Bridgehouse Asset Managers is an independent platform for products from investment managers with deep institutional roots including: Brandes Investment Partners, L.P., Lazard Asset Management (Canada), Inc., Morningstar Associates Inc. and Sionna Investment Managers Inc. Through financial advisors, we aim to help Canadians build their long-term wealth by following sound investing principles. Bridgehouse develops product and value-added tools and CE-accredited training to help advisors build stronger ties with clients and maximize the benefits of the financial advice relationship. Our end-goal is to help investors make informed decisions and achieve their long-term financial goals.
For more about Bridgehouse and the Bridgehouse Funds visit: bridgehousecanada.com and follow us on Twitter and LinkedIn.
Brandes Investment Partners & Co., operating as 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. Returns on mutual funds are not guaranteed, values change frequently and past performance may not be repeated.
News release for information purposes only.
SOURCE Bridgehouse Asset Managers
For further information: Media Contact, Samantha Hill, Senior Global Marketing Manager, Bridgehouse Asset Managers, 416-306-5723, [email protected]
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