Mississauga, Ont.-based Counsel Portfolio Services Inc. plans to merge seven corporate class funds into their corresponding trust fund equivalents, the company announced on Wednesday.<\/p>\n
It is merging these funds to reduce duplication and simplify its fund lineup, Counsel says in a news release.<\/p>\n
The mergers will occur on or about Sept. 7 on a tax-deferred basis. Investors will receive notification of the details of the merger by mail 60 days prior to the completion.<\/p>\n
Counsel will also be decreasing fees to the lower of the combined management fee and administration fee for each series of either the terminating classes or continuing trust funds. These changes, which take effect Sept. 4, will ensure that investors in the terminating class funds continue to have the same or lower fees following the mergers.<\/p>\n
Counsel plans to launch Series T versions of certain continuing trust funds to facilitate the mergers.<\/p>\n