Mississauga, Ont.-based Excel Funds Management Inc. on Friday announced its intention to merge Excel Blue Chip Equity Fund into Excel EM Blue Chip Balanced Fund, subject to obtaining all necessary unitholder and regulatory approvals.

Both funds are open-ended mutual funds advised by Excel Investment Counsel Inc. If approved, the mergers will be effective on or about Oct. 30.

“The Excel EM Blue Chip Balanced Fund offers a diversified portfolio mix to unitholders, who benefit from the exposure to both equity and income securities, with a focus on emerging markets. We anticipate that the proposed merger would result in enhanced economies of scale,” says Bhim Asdhir, president and CEO of Excel Funds, in a statement.

The proposed merger is subject to unitholder approval, at a special meeting of unitholders of Excel Blue Chip Equity Fund, to be scheduled on or about Oct. 20.