Altamira Investment Services has announced six proposed fund mergers. These mergers will provide greater transparency among Altamira’s mandates and continue to offer investors a broad range of investment choice.

“The proposed mergers will result in potential savings as a result of economies of scale associated with the larger continuing funds. Additionally, the streamlined family of funds will make it easier for investors to work with the Altamira advisor to build and manage portfolios that are best matched to their personal needs and goals,” says Altamira’s chief operating officer, James Whitman.

The proposed fund mergers are subject to investor and regulatory approval. Investors will be asked to vote on these changes by proxy at a special meeting of unitholders, to take place on September 4, in Toronto. Investors will receive a proxy package in early August that includes an information circular containing details of the proposed fund mergers and a proxy to vote on them.

Altamira Global 20 Fund will merge into Altamira Global Value Fund.

Altamira Global Financial Services Fund will merge into Altamira Global Value Fund.

Altamira e-business Fund will merge into Altamira Science and Technology Fund.

Altamira Biotechnology Fund will merge into Altamira Health Sciences Fund.

Altamira Precision Dow 30 Index Fund will merge into Altamira Precision US RSP Index Fund (to be renamed Altamira Precision US Currency Neutral Index Fund).

Altamira Precision European RSP Index Fund will merge into Altamira Precision European Index Fund.

Effective 16:00 ET on July 30, the terminating funds will be closed to new purchases, except for purchases under existing systematic plans. Existing systematic plans will carry over to the continuing funds following the mergers.

If investor and regulatory approval is obtained, the mergers will be implemented at the close of business on September 7.

In addition, provided that the Altamira Precision European RSP Index Fund merger goes ahead, Altamira Investment Services will decrease the management fee and expenses charged to Altamira Precision European Index Fund. Currently, Altamira Precision European Index Fund pays a maximum management fee of 0.50% plus operating expenses of up to 0.70% (plus taxes). In order to accommodate the merger of Altamira Precision European RSP Index Fund into Altamira Precision European Index Fund, Altamira Investment Services will reduce the management fee for Altamira Precision European Index Fund to 0.45% and cap its operating expenses at 0.50% (excluding taxes).