Toronto-based NEI Investments Wednesday announced several fund mergers, pending unitholder approval.

Unitholders of the terminating funds will be asked to approve the mergers at a meeting to be held on April 23.

Effective March 1, units of the four terminating portfolios will no longer be available for purchase, except for those unitholders who have existing arrangements in place to purchase units or shares under pre-authorized contribution plans.

Unitholders of the terminating portfolios will continue to have the right to redeem their units or shares up to the close of business on the business day immediately before the effective date of the mergers.

The proposed fund mergers are detailed below:

Proposed changes to fund objectives

At the same meeting to consider the fund mergers, unitholders of NEI Ethical Select Canadian Balanced Portfolio, NEI Ethical Select Canadian Growth Portfolio and NEI Select Canadian Balanced Corporate Class Portfolio will be asked to approve changes in the fundamental investment objectives of those funds to eliminate the current geographic restrictions.

The NEI Investments Independent Review Committee has determined that the proposed mergers and changes in fundamental investment objectives achieve a fair and reasonable result for the affected funds.

In addition to unitholder approval, the proposed mergers are subject to regulatory approval. If all necessary approvals are obtained, it is anticipated that the proposed mergers changes in fundamental investment objectives will become effective on May 24.

NEI Investments is a national investment firm with approximately $5 billion in assets under management. The firm is owned 50% by the Provincial Credit Union Centrals and 50% by Desjardins Group.