Toronto-based Manulife Asset Management Ltd. (MAM) announced on Friday the termination of several Standard Life mutual funds effective on or about Sept. 25.
The 10 funds that will no longer be available at that time are: Standard Life Global Portfolio, Standard Life Global Portfolio Class, Standard Life Canadian Equity Class, Standard Life Canadian Equity Value Class, Standard Life Canadian Equity Growth Class, Standard Life Canadian Small Cap Class, Standard Life Global Equity Value Class, Standard Life International Equity Class, Standard Life Aggressive Portfolio Class and Standard Life U.S. Dividend Growth Class.
MAML, the manager of Standard Life funds following Manulife Financial Corp.’s acquisition of Montreal-based Standard Life Mutual Funds Ltd., announced the decision was made to terminate these funds based on an evaluation of the investment options of the newly combined organization and an effort to determine the best platform for clients.
Securities of the funds will no longer be available for new purchases, including purchases through regular investment plans as of Friday at 4 p.m.
“Owners of securities of the funds are advised to contact their advisor prior to the termination date to understand the financial and tax implications of the terminations and to discuss their options, including switching investments to another fund or redeeming securities,” the MAM announcement states.
MAM will waive all sales charges and redemption fees in connection with the redemptions of securities of these funds. A notification letter with details regarding these terminations will be mailed to all affected holders of the securities.