TORONTO, April 21, 2014 /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 U.S. MidCap Synthetic Fund ("the Fund") on or about June 20, 2014. Effective April 21, 2014 at 4:00 p.m. units of the Fund will no longer be available for purchase by new and existing unitholders.
The decision to terminate the Fund was driven by its low asset balance, which make it difficult to efficiently manage the Fund in accordance with its intended investment objective.
In accordance with securities legislation, a notice will be sent to unitholders of the Fund no less than 60 days prior to the effective date of the termination. Following this notice date, the Fund will begin liquidating its 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 Fund have the option to redeem or switch their investments on or prior to the termination date. All units not redeemed or switched prior to the Fund's closure will be automatically redeemed at that time. If required, a final distribution will occur on or before June 20, 2014.
SEI encourages all unitholders to consult with their financial advisors to understand the financial and tax implications associated with redeeming their units of the Fund and to determine the solution that best fits their investment needs.
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of December 31, 2013, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $559 billion in mutual fund and pooled or separately managed assets, including $232 billion in assets under management and $327 billion in client assets under administration. For more information, visit www.seic.com.
For further information: Company Contact: Dana Grosser, SEI, +1 610-676-2459, email@example.com