National Bank Investments announces details of proposed fund mergers
National Bank Investments Inc. (NBI) announces today further details regarding the proposed mergers of certain NBI Funds.
On May 17, 2021, NBI announced that the securityholders of the Terminating Funds (as defined below) approved the proposed mergers involving these Funds. In order to proceed with the proposed mergers, the securityholders of each Continuing Fund (as defined below) must also approve its proposed merger. This approval will be sought at virtual special meetings to be held on or about October 12, 2021.
The proposed changes aim to simplify NBI’s product shelf, ensure optimal positioning in evolving markets and fulfil its commitment to being agile when it comes to client needs.
Proposed fund mergers
Subject to obtaining all necessary approvals by securityholders of the Continuing Funds, NBI proposes to merge each Terminating Fund into its corresponding Continuing Fund as indicated in the table below. Securityholders of record on or about August 31, 2021 will receive meeting materials in mid-September.
NBI Canadian Index Fund
NBI Canadian Equity Index Fund
|NBI U.S. Index Fund||
NBI U.S. Equity Index Fund
|NBI U.S. Currency Neutral Index Fund|
|NBI International Index Fund||
NBI International Equity Index Fund
|NBI International Currency Neutral Index Fund|
If approved by the securityholders of the Continuing Funds, the mergers will be effective on or about October 15, 2021. As a result, securityholders of each series of each Terminating Fund will receive units of a series of the corresponding Continuing Fund that has a fee structure which is substantially similar to the fee structure of their existing series. The Terminating Funds will be wound up as soon as possible following the mergers.
As required by securities regulation, NBI presented the conflict of interest matters inherent to the proposed mergers to the Independent Review Committee (IRC) of the NBI Funds. In the context of its mandate, the IRC issued a favourable recommendation with respect to the policies proposed by NBI to address these conflicts of interest.
The above changes will be reflected in the upcoming amendment to the simplified prospectus for the NBI Funds, which will be available on the SEDAR website (www.sedar.com) as well as on the National Bank Investments website (www.nbinvestments.ca).
About NBI Funds
NBI Funds (the “Funds”) are offered by National Bank Investments Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Funds. Please read the prospectus of the Funds before investing. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently and past performance may not be repeated.
About National Bank Investments Inc.
National Bank Investments Inc. (NBI) is an investment funds management firm committed to manufacturing and offering mutual funds, exchange-traded funds, investment solutions and services designed to help Canadian investors pursue their financial goals. As at June 30, 2021, assets under management in NBI products were valued at over $73 billion.
Guided by an open architecture strategy, NBI is dedicated to providing diverse solutions to meet the evolving needs of its clients. NBI consistently strives to be recognized as a key partner by combining innovation and excellence. NBI’s role is not limited to administrative aspects of management; NBI Advisory Services and its registered representatives form a team of specialists who provide information and advice to help advisors build portfolios adapted to their clients’ financial needs. Follow NBI’s activities at nbinvestments.ca or via social media such as YouTube and LinkedIn.
National Bank Investments is a member of Canada’s Responsible Investment Association and a signatory of the United Nations-supported Principles for Responsible Investment.
About National Bank of Canada
With $351 billion in assets as at April 30, 2021, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. National Bank has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow National Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
|Senior Advisor – Public Affairs and Corporate Social Responsibility|
|National Bank of Canada|