TD Asset Management Inc. (TDAM) announced on Wednesday that the proposed merger of certain funds will not proceed.
The Toronto-based firm previously announced plans to merge the TD Advantage Balanced Income Portfolio into the TD Managed Income Portfolio and the TD Advantage Balanced Portfolio into the TD Managed Income & Moderate Growth Portfolio.
Following a unitholder meeting, quorum was not achieved to merge the funds, so they will instead be capped to new purchases on or about Jan. 1, 2020, TDAM said in a release.
Additionally, TDAM has removed Martin Currie Inc. as subadvisor to the TD Asian Growth Fund as a result of a change to the fund’s investment objectives. TDAM will assume portfolio management responsibility of the fund on or about Feb. 3, 2020 and will lower the management fee for each series of the fund by 10 basis points.