Logix mutual funds will be terminated as of Monday, Nov. 14, Logix Asset Management Inc. has announced.

Although the Logix Funds have performed very much in line with their objectives, Logix Asset Management Inc. has not been able to achieve the economies of scale necessary to support the ongoing operation of the fund company infrastructure, the company said in a release. As a result, LAMI has determined that termination of the Funds is its only reasonable course of action, it said.

The Logix Funds have been prepared for termination, a process that has included the redemption of the funds contained within the Logix Funds and the conversion of the proceeds to cash. As a result, the Logix Funds contain only cash and are no longer exposed to the equity or bond markets they were designed to represent.

Logix unitholders are free to redeem their units at any time over the next 60 days without any Logix penalties.

The associated investment counselling firm, Garmaise Investment Technologies Inc., will continue in business as it has since 1977 as a specialist in risk-controlled portfolio management and behavioural finance.