Guardian Group of Funds Ltd. and Jones Heward Investment Counsel Inc. today announced the restructuring of the Jones Heward Funds under GGOF’s management.

The proposed restructuring will combine the Jones Heward Group of Funds into the Guardian Group of Funds on or about June 14. The objective is to maximize operational efficiencies and reduce duplication of fund offerings.

As part of the restructuring, it is proposed that the following mutual funds be merged on a tax-deferred basis:

  1. Jones Heward Canadian Balanced Fund into GGOF Alexandria Canadian Balanced Fund. Jones Heward is the portfolio advisor to both funds and will remain so after the merger;
  2. Jones Heward Bond Fund into GGOF Guardian Canadian Bond Fund. Guardian Capital Inc. is the portfolio advisor for the GGOF fund and will remain so after the merger, and;
  3. Jones Heward Money Market Fund into GGOF Guardian Canadian Money Market Fund. Guardian Capital Inc. is the portfolio advisor for the GGOF fund and will remain so after the merger.

These mergers are subject to unitholder and regulatory approval. Meetings of security holders for the relevant funds will be held on or about May 23.

The Jones Heward RSP American Fund will come under the management of GGOF.

The following GGOF funds will be merged on a tax-deferred basis later in the year, subject to obtaining the requisite security holder and regulatory approvals:

  1. GGOF Alexandria Canadian Growth Fund into Jones Heward Fund Ltd. It is intended that Jones Heward Fund Ltd. will be merged into a newly created trust. The assets of GGOF Alexandria Canadian Growth Fund will then be merged into the trust. Jones Heward Investment Counsel Inc. is the portfolio advisor to both funds and will remain so after the merger, and;
  2. GGOF Alexandria American Growth Fund into Jones Heward American Fund.Harris Bretall Sullivan & Smith L.L.C. is the portfolio advisor to the Jones Heward American Fund and will remain so after the merger.