Toronto-based Aston Hill Capital Markets Inc., the manager of Voya Global Income Solutions Fund, announced on Friday that the fund will be terminated on Nov. 30.
The decision to terminate the closed-end fund was made in accordance with the fund’s declaration of trust, Aston Hill says in a news release.
The company had intended to either merge the fund into an open-end mutual fund that has substantially similar investment objectives, Aston Hill says, or convert to an open-end mutual fund.
However, Aston Hill “does not have an open-end mutual fund with substantially similar investment objectives to effect a merger,” the company says, and “if the fund were to convert to an open-end mutual fund it would not have sufficient assets to create a well-diversified portfolio on a cost-effective basis.”
Class A units of the fund are listed on the Toronto Stock Exchange under the symbol VGI.UN.
The fund will distribute to unitholders their pro rata portions of the remaining assets of the fund attributable to each class of units. Payment is expected to be made following the termination date. “Unitholders need not take any action to receive the payment,” the company says.
Aston Hill Capital Markets Inc. is a subsidiary of Aston Hill Financial Inc.