(June 12 – 17:10 ET) – TD Asset Management Inc. and CT Investment Management Group Inc., managers of Green Line Mutual Funds and Canada Trust Mutual Funds, are proceeding with the integration of the fund families. The integrated family will adopt the name TD Mutual Funds. The fund integration includes the merger of 10 mutual funds and 18 portfolios.

“The integration of TD and CT mutual funds will deliver immediate benefits to our customers,” Mark Wettlaufer, President, TDAM, said in a press release. “Canada Trust customers have told us they are eager to access the wider range of funds and greater investment choice that we will be delivering to them.”

The majority of customers whose funds are being integrated will enjoy lower management expense ratios.

The new mutual fund group — comprising 64 mutual funds and 30 portfolios — offers investors a wider choice of high quality funds. The combined fund families represent the fifth largest mutual fund business in Canada, with more than $28 billion under management on behalf of more than 1.4 million Canadians.

“For now, it’s business as usual for all TD and CT mutual fund and managed portfolio customers,” Wettlaufer added. “All customers will continue to access and manage their accounts as they have always done, using their usual TD or CT point of contact — in branch, by phone or via the web — or their investment advisor.”

All unitholders with funds to be integrated will be contacted directly and provided with information packages outlining details of the integration process. The integration is subject to applicable unitholder and securities regulatory approvals. TDAM and CTIMG will seek the necessary unitholder approvals at special meetings to be held on August 18 in Toronto. Once the necessary approvals have been obtained, changes will take effect on October 10

Each unitholder’s investment in a discontinuing fund or portfolio will be exchanged on a dollar-for-dollar basis for securities of the continuing fund or portfolio. The discontinuing funds and portfolios would then cease operation. Distribution of year-to-date income and gains would occur with the integration.
-IE Staff