TORONTO, Nov. 27, 2013 /CNW/ - (GAT.UN) - UBS Global Asset Management (Canada) Inc., as manager of the UBS Global Allocation Trust (GAT) has announced that it is holding a special meeting of unitholders on January 8, 2014 for GAT (the "Fund"). The unitholders will be asked to approve the proposed delisting of the GAT from the TSX and its conversion into an open ended and daily redeemable tactical ETF fund of funds subject to National Instrument 81-102. Unitholders of GAT will also be asked to approve the necessary changes to the investment guidelines.
This change will continue to leverage UBS Global Asset Management's 30-year heritage in active asset allocation but do so using best in class ETFs in its portfolio construction which utilizes our disciplined ETF selection and monitoring process, in place since 2003.
Investors that remain in the Fund after the conversion will receive exposure to each asset class via an Exchange Traded Fund (ETF). An ETF is an investment vehicle that combines key features of both traditional mutual funds and individual stocks. Like index mutual funds, ETFs generally represent portfolios of securities that track specific indices, whether of niche or broad markets. Like stocks, they can be bought and sold on an exchange throughout the trading day. In addition to trading flexibility, key ETF benefits include portfolio diversification, tax efficiency and transparency.
Unitholders of record on December 4, 2013 will be entitled to receive notice of and vote at the meeting. Additional details regarding the proposed conversion will be outlined in an information circular that will be sent in December 2013. The information circular will also be available at www.sedar.com. Unitholders are encouraged to complete voting instruction forms in order that their units can be voted at the meetings. If the proposed conversion is approved by unitholders of GAT, the conversion is expected to occur on or before January 30, 2014, subject to TSX and regulatory approvals.
Unitholders of GAT who do not wish to participate in the planned conversion will have the opportunity to redeem their units before the conversion occurs. The annual redemption at NAV is scheduled to occur on January 30, 2014.
UBS Global Asset Management is a large scale asset manager with well diversified businesses across regions, capabilities and distribution channels. It offers investment capabilities and investment styles across all major traditional and alternative asset classes. These include equity, fixed income, currency, hedge fund, real estate and infrastructure investment capabilities that can also be combined in multi-asset strategies. The fund services unit provides professional services including legal fund set-up, accounting and reporting for traditional investment funds and alternative funds.
Invested assets totaled some CAD 652 billion at 30 June 2013. The firm is a leading fund house in Europe, the largest mutual fund manager in Switzerland and one of the largest fund of hedge funds and real estate investment managers in the world.
With around 3,500 employees, located in 24 countries, we are a truly global firm. Our main offices are in London, Chicago, Frankfurt, Hartford, Hong Kong, New York, Paris, Sydney, Tokyo, Toronto and Zurich.
SOURCE: UBS Canada
For further information:
UBS Global Asset Management (Canada) Inc. Unitholder Relations
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