United Financial Corp. has completed the mergers of six of its United Funds in order to simplify its line-up of funds and put investors into pools with more precise investment mandates, the company announced on Tuesday.

Each of the United Diversified Funds, which had been comprised of a combination of a value mandate and a growth mandate, was merged with its corresponding United Value Fund and United Growth Fund. This includes the following mergers:

• Canadian Equity Diversified Pool has been merged into Canadian Equity Value Pool and Canadian Equity Growth Pool;
• Canadian Equity Diversified Corporate Class has been merged into Canadian Equity Value Corporate Class and Canadian Equity Growth Corporate Class;
• U.S. Equity Diversified Pool has been merged into U.S. Equity Value Pool and U.S. Equity Growth Pool;
• U.S. Equity Diversified Corporate Class has been merged into U.S. Equity Value Corporate Class and U.S. Equity Growth Corporate Class;
• International Equity Diversified Pool has been merged into International Equity Value Pool and International Equity Growth Pool; and
• International Equity Diversified Corporate Class has been merged into International Equity Value Corporate Class and International Equity Growth Corporate Class.

The mergers were approved by securityholders in meetings held on May 22.

In each merger, assets of the United Diversified Fund were sold in return for units or shares of the United Value Fund and United Growth Fund. The United Diversified Fund was then terminated and each investor’s units were replaced with a proportionate number of units or shares of both the United Value Fund and the United Growth Fund.

The mergers streamline United Financial’s line-up of funds and put investors into pools with more precise investment mandates than the blended mandates of the diversified funds, according to the company. At the same time, the mergers do not change investors’ overall market exposure or reduce their ability to build a diversified portfolio, according to their preferences, using the United line-up.

As previously announced, CI Global Holdings Inc., which carries on business as Cambridge Advisors and is a subsidiary of CI Investments Inc., was appointed portfolio manager of a portion of International Equity Growth Pool and International Equity Growth Corporate Class, effective May 22. The remainder will continue to be managed by Picton Mahoney Asset Management. Boston-based Cambridge Advisors is led by Alan Radlo, who has more than 25 years of experience in managing Canadian, U.S. and global large and small-cap equity portfolios.

IE