Toronto-based NexGen Financial Limited Partnership said Tuesday it has received security holder and regulatory approval to proceed with the fund mergers that were announced on September 7.

Effective November 30, NexGen Canadian Large Cap Registered Fund will merge into NexGen Canadian Dividend and Income Registered Fund, and NexGen Canadian Large Cap Tax Managed Fund will merge into NexGen Canadian Dividend and Income Tax Managed Fund.

The continuing dividend funds will be managed by Jeff Young, chief investment officer of NexGen.

In addition, the following mergers, which did not require regulatory or security approvals, will also take place on November 30:

  • NexGen Canadian Growth and Income Registered Fund into NexGen Turtle Canadian Balanced Registered Fund;
  • NexGen Canadian Growth and Income Tax Managed Fund into NexGen Turtle Canadian Balanced Tax Managed Fund;
  • NexGen Canadian Growth Registered Fund into NexGen Turtle Canadian Equity Registered Fund; and
  • NexGen Canadian Growth Tax Managed Fund into NexGen Turtle Canadian Equity Tax Managed Fund.

The continuing Turtle funds will be sub-advised by Keith Graham, president of Toronto-based Rondeau Capital Inc.

“The mergers will result in NexGen offering fewer, larger funds effective November 30 and better position the funds as they work towards potential increased economies of scale,” said Laurie Munro, president of NexGen, in a release.