Toronto-based Purpose Investments Inc. has received conditional approval to change the listing venue for certain closed-end funds and unit-traded funds (UTFs) from the Toronto Stock Exchange (TSX) to NEO Exchange/
Redwood Asset Management, a wholly owned subsidiary of Purpose, also intends to migrate its UTFs from the TSX to NEO, which will result in listing the whole family of Redwood products on NEO.
These investment funds will be the first of their kinds to list on NEO, and include the first products to launch on NEO under the Purpose brand, NEO Exchange says in its announcement.
Purpose intends to migrate two risk-managed closed-end funds and two risk-managed UTFs and Redwood intends to move two UTFs.
Subject to final approval, the funds are anticipated to list on NEO on Dec. 28.
The list of affected funds is available in the news release.