Mississauga-based Excel Funds Management Inc. has received notice from London, U.K.-based Alken Asset Management Ltd. of its intention to terminate the subadvisory agreement in respect of Excel Global Growth Asset Allocation ETF and Excel Global Balanced Asset Allocation ETF on a date to be determined.

Excel Funds intends to explore other options for the portfolio management of the ETFs, the company says in an announcement.

In the interim, Excel Investment Counsel Inc., the ETFs’ portfolio advisor, remains responsible for overseeing the ETFs’ investment strategies and the decisions of the subadvisor.