TORONTO, Oct. 22, 2014 /CNW/ - UBS Global Asset Management (Canada) Inc., as manager of the UBS (Canada) Global Tactical Allocation ETF Fund (the "Fund"), announced today its intention to terminate the Fund on or about December 23, 2014 (the "Termination Date"). Effective at the close of business October 23, 2014, 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 a decline in assets which makes it difficult to efficiently manage the Fund in accordance with its intended investment objectives.
In accordance with securities legislation, a notice has been sent to unitholders of the Fund not less than 60 days prior to the Termination Date.
Existing unitholders of the Fund have the option to redeem their investments on or prior to the Termination Date. All units not redeemed prior to the Fund's closure will be automatically redeemed at that time. As the Fund is terminating prior to year end, there will be no further distributions.
UBS Global Asset Management 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.
UBS Global Asset Management Group 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.
Invested assets totaled some USD 700 billion at 30 June 2014. 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 3,750 employees, located in 24 countries.
SOURCE: UBS Global Asset Management (Canada) Inc.
For further information: UBS Global Asset Management (Canada) Inc. Unitholder Relations, 1-866-827-9300, http://www.ubs.com/1/e/globalam/Americas/canada/ca_retail.html