Sun Life Global Investments (Canada) Inc. (SLGI) is exiting the ETF business with the closure of two ETFs from Mississauga-based Excel Funds Management Inc., which SLGI acquired late last year. Excel Global Balanced Asset Allocation ETF and Excel Global Growth Asset Allocation ETF will be terminated by May 30. The ETFs aren’t accepting direct subscriptions for units anymore. Redemption requests may be placed up to May 24; the ETFs will be delisted from the Toronto Stock Exchange by close of business the following day. Investors who continue to hold units of the ETFs on May 30 will receive the net proceeds from the liquidation of the assets, less all liability and expenses incurred in connection with the dissolution of the ETFs. London, U.K.-based Alken Asset Management Ltd. no longer acts as a subadvisor for the ETFs. Instead, Excel Investment Counsel Inc. will subadvise the ETFs until they’re officially terminated.
(fcollie@investmentexecutive.com).