Sun Life has changed the way clients can access funds in their SunUniversal Life II universal life policy if they become disabled, ill or injured, and the policy was issued in 2017 or later.
Currently, the insured can only make one tax-free withdrawal per qualifying disability, illness or injury after a 60-day waiting period, with a claim assessment fee for each application. From March 16, clients can make a tax-free withdrawal every 12 months if they continue to have a qualifying condition. The waiting period shrinks to 30 days and Sun Life won’t charge an assessment fee.
For occupational disabilities, the insured can make a withdrawal if they become partially disabled and lose at least 50% of their income for over 30 days compared to the 30 days immediately before the disability. Previously, it required the same level of income loss for 60 days compared to the 60 days immediately before the disability.
Sun Life also removed the restriction where the insured can’t make a withdrawal if they were rated as a substandard risk for medical reasons.
Agents will receive updated Sun Life illustration reports on April 12.
CIBC’s two new international equity ETFs
CIBC Asset Management launched two new international equity ETFs managed by American Century Investments.
The Avantis CIBC International Equity ETF (CADE) and Avantis CIBC Global Small Cap Value ETF (CASV) began trading on the Toronto Stock Exchange (TSX) on Friday.
In addition, the Avantis CIBC All-Equity Asset Allocation ETF (CAGE) will begin trading on March 18.
LongPoint launches four new equity index ETFs
LongPoint Asset Management’s four new equity index ETFs started trading on the TSX on Wednesday. Each one is designed to track a regional Trading Central quant index.
The Trading Central Quant Canada 50 Equity Index ETF (TCCA) seeks to replicate the performance of a Canadian equity focused index, and is tracking the Solactive TC Quant CA 50 Index.
The Trading Central Quant U.S. 50 Equity Index ETF (TCUS) aims to replicate the performance of a U.S. equity focused index, and currently tracks the Solactive TC Quant US 50 Index.
The Trading Central Quant Europe 50 Equity Index ETF (TCEU) looks to replicate the performance of a European equity focused index, and is currently tracking the Solactive TC Quant EU 50 Index.
Finally, the Trading Central Quant Global 50 Equity Index ETF (TCWW) strives to replicate the performance of a global equity focused index, and currently tracks the Solactive TC Quant WW 50 Index.
Dynamic’s new private assets fund
Dynamic launched the Dynamic Diversified Private Assets Fund on Wednesday. The multi-asset, multi-manager product provides accredited investors access to private equity, private credit and private real assets.
The fund is structured as an open-ended trust with quarterly subscriptions, variable distributions and limited redemptions, reflecting the long-term nature and liquidity characteristics of private markets.
Two CC&L funds capped, another closes
Connor, Clark & Lunn Funds put a soft cap on purchases by new investors into CC&L Global Market Neutral and CC&L Global Market Neutral II, effective Friday. It will also terminate the CC&L Global Long Short Fund, effective May 14.
The limit on new investments into the market neutral funds is intended to preserve the integrity of their investment strategies and to maximize the return potential for existing investors. There are no changes to existing investors, and current investors can continue to make additional purchases.
Connor, Clark & Lunn closed the long short fund “to ensure its product lineup remains aligned with investor preferences, needs and long-term goals,” it said in a release. The fund hasn’t been available for purchase since Wednesday and existing unitholders can redeem or switch investments on or before May 14. Any remaining unitholders will have their units automatically redeemed.