Toronto-based RBC Global Asset Management Inc. (RBC GAM) announced on Friday that it is merging three RBC private pool funds and three other RBC funds. This is an effort to reduce the duplication of fund offerings that have the same or very similar investment objectives.
The RBC Private Canadian Bond Pool will be terminated and the RBC Bond Fund will continue in its place; the RBC Private U.S. Equity Pool will be merged into the RBC U.S. Equity Fund; and the RBC Private International Equity Pool will be merged into the RBC International Equity Fund.
“Unitholders of each series of the terminating pools set out above will receive an equivalent series of units of the corresponding continuing fund on a dollar-for-dollar and tax-deferred basis,” RBC GAM’s announcement stated.
The merging of the funds will be effective on Nov. 27. A written notice explaining the changes will be sent to unitholders of the terminating pools at least 60 days before that date. Unitholders can redeem units of the terminating pools up to the close of business on Nov. 26.