HSBC Global Asset Management (Canada) Limited is terminating the advisor series of all of its mutual funds.
The Vancouver-based firm announced on Thursday that all advisor series funds are no longer available for purchase. All other series of mutual funds will continue to be offered.
The advisor series funds will be terminated on or around Oct. 25. Unitholders will be able to redeem their advisor series funds or switch their units to another series until Oct. 23.
Once the funds are terminated, outstanding units will be automatically re-designated into investor series units of the same mutual funds, or into premium series units if investors meet the minimum account requirements, HSBC said in a release.