Toronto-based SEI Investments Canada Co. announced on Monday its intention to terminate Futures Index Fund, Canadian Focused Balanced Fund, and Canadian Focused Growth Fund on or about Dec. 18.
Effective today at 4:00 p.m. ET units of the funds will no longer be available for purchase by new investors. Subscriptions from existing investors will no longer be accepted as of Nov. 2.
The decision to terminate the funds was driven by a decline in assets, says SEI in a statement, which made it difficult to efficiently manage the funds in accordance with their intended investment objectives.
Existing unitholders have the option to redeem their investments on or prior to the termination date. All units not redeemed prior to the funds’ closure will be automatically redeemed at that time.
If required, a final distribution for the funds will occur on or before Dec. 18.
SEI Investments Canada Co. is a wholly owned subsidiary of Oaks, Penn.-based SEI Investments Co. (Nasdaq: SEIC). SEI manages or administers US$661 billion in mutual fund and pooled or separately managed assets.