TORONTO, May 27, 2013 /CNW/ - NEI Investments ("NEI") announced today the successful merger of a number of mutual funds in its lineup. The mergers were approved by a majority of votes cast at a security holder meeting held April 30, 2013.
NEI ETHICAL GROWTH FUND SUCCESSFULLY MERGED INTO NEI ETHICAL CANADIAN DIVIDEND FUND
NEI announced the successful transition of the NEI Ethical Growth Fund into the NEI Ethical Canadian Dividend Fund. The NEI Ethical Canadian Dividend Fund will continue to be managed by Calgary based sub advisor QV Investors and will be the largest SRI fund in Canada. In July 2013 pending regulatory approval the Fund will be renamed the NEI Ethical Canadian Equity Fund to more accurately reflect the Fund's investment profile.
NEI NORTHWEST SPECIALTY GROWTH FUND INC. SUCCESSFULLY MERGED INTO NEWLY CREATED NEI NORTHWEST ENHANCED YIELD EQUITY FUND
Following security holder approval, the NEI Northwest Specialty Growth Fund Inc. was successfully merged into a newly created NEI Corporate Class fund, which has as its investment objectives to target a sustainable above market level of yield using a covered call options strategy. Accordingly, the new fund is named the NEI Northwest Enhanced Yield Equity Corporate Class. The new fund is managed by Montreal based Montrusco Bolton.
NEI SUCCESSFULLY MERGES NEI SELECT CORPORATE CLASS PORTFOLIOS
The following NEI Select Corporate Class Portfolios were successfully merged:
|Terminating Fund||Continuing Fund|
|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|
Security holders also approved changes to the fundamental investment objectives of the NEI Select Canadian Balanced Corporate Class Portfolio to relax the current Canadian content restrictions. In July 2013, the continuing funds will be renamed the NEI Select Balanced Corporate Class and NEI Select Growth Corporate Class to more accurately reflect the portfolio objectives.
NEI ANNOUNCES CHANGE IN RISK RATING FOR NEI NORTHWEST EMERGING MARKETS FUND
On May 6, 2013, NEI announced the successful transition of the NEI Northwest EAFE Fund to the new NEI Northwest Emerging Markets Fund. The change was approved by a majority of votes cast at a vote held April 23, 2013. As a result of this change, the risk rating of the fund went from medium to high for both the NEI Northwest Emerging Markets Fund and the NEI Northwest Emerging Markets Corporate Class.
ABOUT NEI INVESTMENTS
NEI Investments is a national investment firm with approximately $5 billion in assets under management. It offers Canadian retail investors unique access to top independent money managers through high quality investment solutions in two fund families, Northwest Funds and Ethical Funds. Its products provide investors with a full range of investment management styles as well as conventional and socially responsible investment choices.
NEI Investments is owned 50% by the Provincial Credit Union Centrals and 50% by Desjardins Group. This backing of experience and resources 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
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