Toronto-based NEI Investments (NEI) Monday announced the successful merger of a number of mutual funds in its lineup, effective June 14.

The mergers were approved by a majority of votes cast at a security holder meeting held April 30.

The following NEI Select Portfolios were successfully merged:

  • NEI Ethical Select Global Balanced Portfolio into NEI Ethical Select Canadian Balanced Portfolio; and
  • NEI Ethical Select Global Growth Portfolio into NEI Ethical Select Canadian Growth Portfolio.

Security holders also approved changes to the fundamental investment objectives of the continuing funds to relax the current Canadian content restrictions.

The continuing funds are now named NEI Select Balanced Portfolio and NEI Select Growth Portfolio, respectively, to more accurately reflect the portfolio objectives.

The risk ratings of the funds were unchanged as a result of the change in fundamental objectives.