TD Asset Management Inc. (TDAM) has announced a mutual fund merger and several other fund changes.
TDAM received the requisite regulatory and unitholder approval to merge TD Balanced Income Fund into TD Diversified Monthly Income Fund. The merger will take place on or about Oct. 25, the firm said in a release on Monday.
The merger will happen on a tax-deferred basis for unitholders, the release said, and unitholders of each series of the discontinuing fund will receive units of the equivalent series of the continuing fund, determined on a dollar-for-dollar basis.
The proposed mergers of TD Advantage Balanced Income Portfolio into TD Managed Income Portfolio, and TD Advantage Balanced Portfolio into TD Managed Income & Moderate Growth Portfolio will be determined following meetings of unitholders on Oct. 8 in Toronto.
TDAM also announced changes to the investment objectives and strategies of certain mutual funds, and changes to the benchmarks for six index funds to the index provider Solactive AG.
In addition, TDAM is reducing management fees by up to 0.35% on certain series of eight funds.
For full details on the fund changes, refer to TDAM’s release.