SHSC Financial Inc. will ask unitholders of Social Housing Canadian Money Market Fund to approve a proposal to merge the assets of the fund into the Social Housing Canadian Short-Term Bond Fund, the company said Wednesday.

SHSC Financial says the proposal is in the best interests of the unitholders of the Canadian Money Market Fund.

The Independent Review Committee of the Social Housing Investment Funds approved the proposed merger on August 25. To meet regulatory requirements, the merger still requires the approval of the Ontario Securities Commission and unitholders of the fund.

The unitholder meeting is expected to be held on November 16. If approved, the merger is anticipated to be effective November 30.

SHSC Financial Inc. is a Toronto-based investment fund manager and, together with Phillips, Hager and North Investment Management Ltd., manages approximately $370 million in assets on behalf of mutual funds offered to social housing providers in Ontario.

IE