Excel Funds Management Inc. Announces Proposed Changes to its Mutual Fund Line-Up
Apr 07, 2017, 15:51 ET
TORONTO, April 7, 2017 /CNW/ - Excel Funds Management Inc. ("Excel Funds") today announced its intention to merge the Excel India Growth & Income Fund (TSX: EGI.UN) into the Excel India Balanced Fund (the "Continuing Fund").
The Excel India Growth & Income Fund (the "Terminating Fund") is a non-redeemable investment fund managed by Excel Funds. The Excel India Balanced Fund is an open-end mutual fund managed by Excel Funds. The Terminating Fund and the Continuing Fund have consistent investment objectives and strategies.
"Unitholders stand to benefit from economies of scale resulting from merging the Excel India Growth & Income Fund with the Excel India Balanced Fund," says Bhim D. Asdhir, President and Chief Executive Officer of Excel Funds. "The merger would not impact their personal investment objectives because the funds have largely similar investment objectives and strategies, plus they will continue to benefit from the expertise of Birla Sun Life Asset Management which will manage the Excel India Balanced Fund," he adds.
These proposed mergers are subject to the approval of unitholders of both the Terminating Fund and the Continuing Fund, at special meetings scheduled on or about June 20, 2017. In advance of the meetings, full details of the proposed merger will be set out in a notice of meeting and a management information circular that will be sent to unitholders of record, on or about May 19, 2017. The notices of meeting and management information circulars will also available on SEDAR at www.sedar.com.
The Independent Review Committee of the Terminating Fund and the Continuing Fund has reviewed the potential conflict of interest matters related to the proposed merger and has provided Excel 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 mergers are approved by unitholders of both the Terminating Fund and the Continuing Fund, Excel Funds will apply to de-list the units of the Terminating Fund from the Toronto Stock Exchange prior to the proposed merger date on or about June 23, 2017.
About Excel Funds Management Inc.
Excel Funds Management Inc. is a multiple Lipper Award winner specializing in emerging markets. Founded in 1998 with the launch of the Excel India Fund, the largest and longest running India-focused fund in Canada, Excel Funds Management Inc. has been a Canadian leader in emerging market-focused mutual funds by offering a wide range of innovative mutual funds that capture new growth opportunities.
SOURCE Excel Funds Management Inc.
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