Fund changes aim to provide more long-term value to investors
TORONTO, July 24, 2017 /CNW/ - Sun Life Global Investments (Canada) Inc. announced today changes to certain mutual funds aimed at providing investors with more long-term value.
Transition of Sun Life Sentry Global Mid Cap Fund to Sun Life Schroder Global Smaller Companies Fund
Effective on or about October 2, 2017, Schroder Investment Management North America Inc. ("Schroders") will assume the portfolio sub-advisory responsibilities for Sun Life Sentry Global Mid Cap Fund, and the fund will be renamed Sun Life Schroder Global Smaller Companies Fund. The investment strategies of the fund will be amended to reflect Schroders' internationally focused investment style. The investment objective will remain the same.
Merger of Sun Life MFS Canadian Equity Fund and Sun Life MFS Canadian Equity Value Fund into Sun Life MFS Canadian Equity Growth Fund
Effective on or about October 27, 2017 (the Fund Merger Date), Sun Life MFS Canadian Equity Fund and Sun Life MFS Canadian Equity Value Fund (the Terminating Funds) will each merge into Sun Life MFS Canadian Equity Growth Fund (the Continuing Fund). The mergers have been approved by the funds' Independent Review Committee and do not require unitholder approval or regulatory approval.
Effective July 24, 2017, both Terminating Funds will be capped to new investors. Any pre-authorized chequing plans already in place as of this date will continue uninterrupted, up to and including the business day prior to the Fund Merger Date. These pre-authorized chequing plans will automatically transfer to the Continuing Fund after the Fund Merger Date.
The mergers will be completed on a tax-deferred basis. Any unrealized gains investors have on units of the Terminating Funds will be deferred until they dispose of units of the Continuing Fund. Pre-merger trading activity within the Terminating Funds necessary to complete the mergers may result in the realization and distribution of some capital gains for non-registered unitholders. There will be no tax consequences to registered accountholders.
As a result of the mergers, the Continuing Fund will be the successor underlying trust fund for the Sun Life MFS Canadian Equity Class, which will be renamed the Sun Life MFS Canadian Equity Growth Class. The investment strategies of the Sun Life MFS Canadian Equity Class will be amended to reflect that it will invest primarily in the Sun Life MFS Canadian Equity Growth Fund, the successor fund to Sun Life MFS Canadian Equity Fund.
Merger of Sun Life Sentry Conservative Balanced Fund into Sun Life Granite Income Portfolio
Effective on or about October 27, 2017 (the Fund Merger Date) Sun Life Global Investments proposes to merge Sun Life Sentry Conservative Balanced Fund (the Terminating Fund) into Sun Life Granite Income Portfolio (the Continuing Fund) provided that it receives the required unitholder and regulatory approvals. The unitholder vote is expected to be scheduled on or about October 6, 2017.
On October 6, 2017, the Terminating Fund will be capped to new investors. Any pre-authorized chequing plans already in place Fund as of October 6, 2017 will continue uninterrupted, up to and including the business day prior to the Fund Merger Date. If the merger is approved, on the Fund Merger Date all holders of units in the Terminating Fund will receive the equivalent series units of the Continuing Fund. These pre-authorized chequing plans will automatically transfer to the Continuing Fund after the Fund Merger Date.
If unitholders do not approve the proposed merger, Sun Life Global Investments will terminate the Terminating Fund on or about October 27, 2017 (the Termination Date).
In the event of termination, unitholders may redeem or switch their holdings in the Terminating Fund for settlement on, or prior to, the Termination Date. On the Termination Date, Sun Life Global Investments will dispose of the fund's assets, reserving any necessary amount to cover the fund's remaining liabilities and distribute to unitholders of record on the Termination Date their proportionate share of the fund's remaining assets.
About Sun Life Global Investments (Canada) Inc.
Sun Life Global Investments offers Canadians a diverse lineup of mutual funds and innovative portfolio solutions, empowering them to pursue their financial goals at every life stage. We bring together the strength of one of Canada's most trusted names in financial services with some of the best asset managers from around the world to deliver a truly global investment platform. Sun Life Global Investments manages more than $18 billion on behalf of institutional and retail investors from coast to coast and is a member of the Sun Life Financial group of companies. For more information, visit www.sunlifeglobalinvestments.com or connect with us on Twitter @SLGI_Canada.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of insurance, wealth and asset management solutions to individuals and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2017, Sun Life Financial had total assets under management of $927 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to Editors: All figures in Canadian dollars.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
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SOURCE Sun Life Global Investments (Canada) Inc.