Sphere Investment Management Inc. has announced that special meetings of ETF unitholders will be held on Dec. 11 to approve a change in manager and trustee from Sphere to Evolve Funds Group Inc.
Earlier this month, the Toronto-based firms announced an agreement in which Evolve will acquire the management contracts for Sphere’s five ETFs.
In connection with this change, Sphere FTSE US Sustainable Yield Index ETF and Sphere FTSE Asia Sustainable Yield Index ETF will merge into Sphere FTSE Canada Sustainable Yield Index ETF, Sphere says in its announcement.
In addition, Evolve will also reduce the management fee for two funds and introduce a fixed administration fee for three funds.
Subject to obtaining all necessary regulatory, unitholder and applicable third party approvals, it is expected that the change in manager and merger will be implemented by Jan. 31.