Franklin Templeton Investments Corp. announced on Monday the proposed merger of Wellington West Franklin Templeton Balanced Retirement Income Fund into Quotential Balanced Growth Portfolio.
The proposed merger will be voted on at a special meeting of unitholders, scheduled for June 15th in Toronto. Franklin Templeton will also be seeking regulatory approval for the merger.
The merge would allow Franklin Templeton to streamline its product offering and allocate operational costs across a larger portfolio, the company said. If the requisite approvals are obtained, the merger is expected to be implemented on June 22nd.
Pursuant to the merger, unitholders of Wellington West Franklin Templeton Balanced Retirement Income Fund will receive units of Quotential Balanced Growth Portfolio on a dollar-for-dollar and series-by-series basis. Once the units have been converted, Wellington West Franklin Templeton Balanced Retirement Income Fund will be wound-up.
In anticipation of the proposed merger, after the close of business on Monday, Franklin Templeton will cease offering units of Wellington West Franklin Templeton Balanced Retirement Income Fund for purchase. Unitholders will have the right to redeem their units up to the close of business on June 20th.
If the merger is not approved by unitholders, Wellington West Franklin Templeton Balanced Retirement Income Fund will be wound up and terminated on or about July 27th. Unitholders of the fund will receive an information circular in late May detailing further particulars of the proposed merger.