TORONTO, Oct. 19, 2015 /CNW/ - SEI Investments Canada Company, a wholly owned subsidiary of SEI Investments Company (NASDAQ: SEIC) and manager of the SEI Canada mutual funds, announced today its intention to terminate the Futures Index Fund, Canadian Focused Balanced Fund, and Canadian Focused Growth Fund (the "Funds") on or about December 18, 2015. Effective October 19, 2015 at 4:00 p.m. units of the Funds will no longer be available for purchase by new investors. Subscriptions from existing investors will no longer be accepted as of November 2, 2015.
The decision to terminate the Funds was driven by a decline in assets, which made it difficult to efficiently manage the Funds in accordance with their intended investment objectives.
Following this notice date, the Funds will begin liquidating their portfolio investments and may no longer be fully invested in accordance with the stated investment objective outlined in the Simplified Prospectus.
Existing unitholders of the Funds have the option to redeem their investments on or prior to the termination date. All units not redeemed prior to the Funds' closure will be automatically redeemed at that time.
If required, a final distribution for the Funds will occur on or before December 18, 2015.
In accordance with securities legislation, a notice will be sent to unitholders of the Funds no less than 60 days prior to the effective date of the termination.
SEI encourages all unitholders to consult with their financial advisors to understand the financial and tax implications associated with redeeming their units of the Funds and to determine the solution that best fits their investment needs.
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of June 30, 2015, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $661 billion in mutual fund and pooled or separately managed assets, including $262 billion in assets under management and $399 billion in client assets under administration. For more information, visit seic.com.
SOURCE SEI Investments Canada Company
For further information: Company Contact: Dana Grosser, SEI, +1 610-676-2459, [email protected]