Montreal-based Standard Life Mutual Funds (SLMF) Monday announced the termination of two equity funds and the launch of two emerging markets funds.
Standard Life Canadian Equity Focus Fund and Standard Life U.S. Equity Focus Fund will close effective July 31.
As of 16:00 ET on May 26, units of the two funds will no longer be available for new investments, including additional purchases by existing unit holders and through regular investment plans.
Existing unit holders of the two funds have the option to redeem or switch their investments to any Standard Life mutual funds before the funds’ termination date. SLMF will waive all sales charges and redemption fees in connection with the redemptions of units of the two funds.
Two new emerging markets funds
The two emerging markets funds launched Monday address the need of Canadian investors to diversify globally through the expertise and worldwide management capabilities of Standard Life Investments.
“Many emerging economies have experienced rapid growth in recent years and Canadian investors are looking for a way to gain access to that growth,” said Yanic Chagnon, vice president of retail solutions, in a release.
“They can access some of the emerging markets’ most compelling investment opportunities through the new funds, which benefit from Standard Life Investments’ local insights in global markets.”
Standard Life Emerging Markets Debt Fund aims to provide a combination of capital growth and income by investing primarily in debt securities of issuers located or participating in emerging market countries. SLMF has rated the volatility of this fund as Medium.
Standard Life Emerging Markets Dividend Fund aims to provide a combination of capital growth and income by investing primarily in a portfolio of dividend paying equity and equity-type securities of companies that are located or participating in emerging markets. This fund is also available in corporate class. SLMF has rated the volatility of this fund as High.
The minimum initial investment for both funds is $1,000. The portfolio manager for both funds is Standard Life Investment Inc. and the sub-portfolio manager is Standard Life Investments Limited.