Canada Life Investment Management Ltd. announces results of special meetings on mergers and terminations as well as other changes to its mutual fund lineup
LONDON, ON, Jan. 15, 2024 /CNW/ - Canada Life Investment Management Ltd. (CLIML) today announced the results of special meetings held on January 15, 2024, where investor approval was sought for certain fund mergers and terminations as outlined below. These mergers are intended to make it easier for advisors and investors to navigate the Canada Life mutual fund product shelf. The mergers and terminations will take place on or about January 26, 2024.
CLIML also announced two additional changes to its mutual fund shelf. Effective January 16, 2024, Canada Life U.S. Small-Mid Cap Growth Fund will be re-opened for new investments. Effective January 26, 2024, the risk rating of Canada Life Global Multi-Sector Fixed Income Fund will change.
Fund mergers
The following fund mergers were approved by investors on January 15, 2024, and are expected to take effect on or about January 26, 2024.
Terminating Fund | Continuing Fund |
Canada Life U.S. Mid Cap Growth Fund | Canada Life U.S. Small-Mid Cap Growth Fund |
Canada Life Global Growth Balanced Fund | Canada Life Global Strategic Income Fund |
Canada Life Global Growth Opportunities Balanced Fund | Canada Life Global Balanced Fund |
Canada Life Global Value Balanced Fund | Canada Life Global Balanced Fund |
Canada Life U.S. Growth Fund | Canada Life U.S. All Cap Growth Fund |
Canada Life American Value Fund | Canada Life U.S. Value Fund |
Canada Life European Equity Fund | Canada Life International Equity Fund |
Canada Life Global Dividend Fund | Canada Life Global All Cap Equity Fund |
Canada Life Global Founders Fund | Canada Life Global All Cap Equity Fund |
Canada Life International Growth Fund | Canada Life International Equity Fund |
Canada Life North American Specialty Fund | Canada Life U.S. Small-Mid Cap Growth Fund |
Canada Life Global Infrastructure Fund | Canada Life Diversified Real Assets Fund |
Canada Life Global Real Estate Fund | Canada Life Diversified Real Assets Fund |
Canada Life Science and Technology Fund | Canada Life Global Growth Opportunities Fund |
Fund terminations
The following fund terminations were approved by investors on January 15, 2024, and liquidation and termination is expected to take effect on or about January 26, 2024.
Canada Life Short-Term Bond Fund
Canada Life Canadian Tactical Bond Fund
Re-opening Canada Life U.S. Small-Mid Cap Growth Fund
CLIML is committed to keeping its product shelf relevant and competitive through changing market conditions. That's why on January 16, 2024, it's reopening all series of the Canada Life U.S. Small-Mid Cap Growth Fund to new investors.
The predecessor fund, Mackenzie US Small-Mid Cap Growth Fund, was closed to new investors on July 30, 2021 due to capacity constraints identified by the sub-advisor, Mackenzie Investments. Prior to January 16, 2024, advisors weren't able to make purchases into the Fund for new investors. The sub-advisor has closely monitored the capacity of the Fund and has determined that it can now accept new investors. Therefore, CLIML has determined that it is the appropriate time to re-open it to new investors.
Risk rating change to Canada Life Global Multi-Sector Fixed Income Fund
Effective on or about January 26, 2024, the risk rating for the Fund will decrease.
Fund Name | Previous Risk Rating | New Risk Rating |
Canada Life Global Multi-Sector Fixed Income Fund | Low-to-medium | Low |
CLIML reviews its funds' risk ratings at least annually, and when a fund undergoes a material change, in accordance with the investment risk classification methodology mandated by the Canadian Securities Administrators.
The above change is the result of the upcoming sub-advisor change announced on November 9, 2023. The Fund will now aim to invest approximately 100 per cent into units of the Canada Life Global Multi-Sector Bond Fund.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
About Canada Life Investment Management Ltd.
Canada Life Investment Management is an investment management firm offering wealth management products and services for individuals, families and business owners. The funds are sub-advised by leading asset managers, providing access to specialized investment expertise from around the world. CLIML is a subsidiary of The Canada Life Assurance Company. Learn more.
SOURCE The Canada Life Assurance Company
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