Investors Group announces fund mergers
Winnipeg, MB – May 23, 2018: Investors Group has announced proposed changes to its mutual fund offering. These changes aim to simplify its mutual fund lineup, while also delivering the benefit of fee reductions for investors. The following mergers were reviewed and approved by the Investors Group Funds Independent Review Committee (IRC), and will take effect as of the close of business on or about September 14, 2018.
To be merged into (Continuing Fund)
Investors Cornerstone I Portfolio
Investors Cornerstone II Portfolio
Investors Cornerstone III Portfolio
In considering the mergers, the IRC determined that each merger:
- Represents the business judgment of Investors Group, uninfluenced by considerations other than the best interests of the Merging Funds and Continuing Fund
- Complies with Investors Group’s written policies and procedures
- Achieves a fair and reasonable result for the Merging Funds and Continuing Fund
These mergers qualify as ‘pre-approved’ mergers under securities regulations because they do not involve a substantive change in investment objectives or strategies for securityholders of the Merging Funds; the Continuing Fund will have a reduced maximum management fee as compared to the Merging Funds; and the mergers will occur on a tax-deferred basis.
Accordingly, as permitted by securities regulations, and as mentioned in the simplified prospectus of the Merging Funds and Continuing Fund, it is not necessary to seek approval from the securityholders of the Merging Funds, as the IRC has approved these mergers based on certain conditions being met (including that securityholders receive written notice about the mergers at least 60 days in advance).
Please note that as of June 30, 2018, the Continuing Fund will be known as Investors Cornerstone Portfolio.
Founded in 1926, Investors Group is a national leader in delivering personalized financial solutions to Canadians through a network of Consultants located across Canada. In addition to an exclusive family of mutual funds and other investment vehicles, Investors Group offers a wide range of insurance, securities, mortgage and other financial services. Investors Group has $87 billion in assets under management as of April 30, 2018 and is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada's premier financial services companies with over $156 billion in total assets under management as of April 30, 2018.
Commissions, fees and expenses may be associated with mutual fund investments. Read the prospectus of the Funds and speak to an Investors Group Consultant before investing. Mutual funds are not guaranteed, values change frequently and past performance may not be repeated. Recommendations relate only to Investors Group mutual funds.
Director, IGM Communications and Media Relations