AGF Funds Inc. has received unitholder approval for the mergers of 10 funds and the wind-up of two funds.
“These mergers will result in a more streamlined and efficient mutual fund lineup,” Blake Goldring, president and CEO, AGF Management Ltd. said in a statement.
Unitholders approved the mergers of the following funds:
- AGF Global Government Bond Fund into Global Strategy World Bond Fund (to be renamed AGF Global Government Bond Fund);
- AGF RSP Global Bond Fund into Global Strategy World Bond RSP Fund (to be renamed AGF RSP Global Bond Fund);
- AGF U.S. Income Fund into AGF U.S. Short-Term High Yield Fund (to be renamed AGF Total Return Bond Fund);
- Global Strategy Europe Plus RSP Fund into AGF RSP European Growth Fund (to be renamed AGF RSP European Equity Fund);
- Global Strategy Growth & Income Fund and Global Strategy Canadian Companies Fund into AGF Canadian Stock Fund;
- Global Strategy Income Plus Fund into AGF Canadian Balanced Fund;
- Global Strategy Japan Plus RSP Fund into AGF RSP Japan Fund;
- Global Strategy Money Market Fund into AGF Canadian Money Market Fund; and
- Global Strategy World Balanced Fund into AGF World Balanced Fund.
Unitholders of Global Strategy Europe Plus Fund and Global Strategy U.S. Equity Fund approved the wind-up of these two funds. An offer was made to unitholders to exchange their units for shares of AGF European Growth Class and AGF U.S. Value Class, a new class of AGF International Group Limited, respectively.
The mergers, which are subject to regulatory approval, are expected to take place on or about July 7, with the exception of four funds. The wind-up of Global Strategy Europe Plus Fund and Global Strategy U.S. Equity Fund will be completed on or about December 15. At the same time, the two remaining mergers — Global Strategy Income Plus Fund and Global Strategy Europe Plus RSP Fund — will become effective.