Redwood Asset Management Inc. and AIP Asset Management Inc., both based in Toronto, announced on Tuesday that the merger of Redwood Global Macro Class into AIP Global Macro Class was completed after the close of business on March 18.

The merger was approved by Redwood Global’s shareholders at a special meeting held on February 26.

AIP Global is a mutual fund managed by AIP and is a class of mutual fund shares of AIP Mutual Funds Corp. Redwood Global is managed by Redwood and is a class of mutual fund shares of Ark Mutual Funds Ltd. As a result of the merger, shareholders of the Redwood Global have become shareholders in an equivalent series of shares of AIP Global.

The merger was implemented on a taxable basis, however, it is anticipated to benefit shareholders of the Redwood Global for a variety of reasons, including an expected reduction in management fees. AIP has been the portfolio manager of Redwood Global since inception and will remain as the portfolio manager for the AIP Global. The terminating fund will be wound up shortly.

AIP manages hedge and mutual funds and discretionary separately managed accounts.