Legg Mason Canada Inc. has ceased offering and terminated the Private Investor Series of several funds.
The affected funds are:
- Legg Mason T-Plus Fund;
- Legg Mason Canadian Index Plus Bond Fund;
- Legg Mason Canadian Active Bond Fund;
- Legg Mason Accufund;
- Legg Mason Diversifund;
- Legg Mason Canadian Core Equity Fund;
- Legg Mason North American Equity Fund;
- Legg Mason Canadian Small Cap Fund;
- Legg Mason Brandywine Fundamental Value U.S. Equity Fund;
- Legg Mason Batterymarch U.S. Equity Fund;
- Legg Mason U.S. Value Fund and;
- Legg Mason Brandywine International Equity Fund.
Legg Mason Canada intends to cease offering the Private Investor Series of the funds as of July 31, and to terminate the Private Investor Series on September 25 by liquidating the investments attributable to each of the funds and returning the net assets of that series to unit holders.
Legg Mason Canada believes that these actions are in the best interest of unitholders of the funds. Given the comparatively low assets under management in the Private Investor Series of the funds and the anticipated additional costs associated with new regulatory changes Legg Mason Canada does not believe that it can continue to provide investors in the Private Investor Series with a cost competitive fund offering.
Legg Mason Canada will continue to offer the Institutional Series units of the funds to its institutional and high net worth clients who have discretionary investment management agreements.
Investors in the Private Investor Series of each of the funds may wish to switch their investments elsewhere prior to the termination of the Series. Investors are entitled to redeem their units of the Private Investor Series without fees or other charges up to September 22.
Legg Mason Canada also announced the change of name of the Legg Mason Canadian Growth Equity Fund to Legg Mason Canadian Small Cap Fund, effective April 28, and the change of name of the Legg Mason International Equity Fund to Legg Mason Brandywine International Equity Fund, effective July 24.