LONDON,
ON, Jan. 15, 2024 /CNW/ - Canada Life
Investment Management Ltd. (CLIML) today announced the results of
special meetings held on January 15,
2024, where investor approval was sought for certain fund
mergers and terminations as outlined below. These mergers are
intended to make it easier for advisors and investors to navigate
the Canada Life mutual fund product shelf. The mergers and
terminations will take place on or about January 26, 2024.
CLIML also announced two additional changes to its mutual fund
shelf. Effective January 16, 2024,
Canada Life U.S. Small-Mid Cap Growth Fund will be re-opened for
new investments. Effective January 26,
2024, the risk rating of Canada Life Global Multi-Sector
Fixed Income Fund will change.
Fund mergers
The following fund mergers were approved by investors on
January 15, 2024, and are expected to
take effect on or about January 26,
2024.
Terminating
Fund
|
Continuing
Fund
|
Canada Life U.S. Mid
Cap Growth Fund
|
Canada Life U.S.
Small-Mid Cap Growth Fund
|
Canada Life Global
Growth Balanced Fund
|
Canada Life Global
Strategic Income Fund
|
Canada Life Global
Growth Opportunities Balanced Fund
|
Canada Life Global
Balanced Fund
|
Canada Life Global
Value Balanced Fund
|
Canada Life Global
Balanced Fund
|
Canada Life U.S. Growth
Fund
|
Canada
Life U.S. All Cap Growth Fund
|
Canada Life American
Value Fund
|
Canada Life U.S. Value
Fund
|
Canada Life European
Equity Fund
|
Canada Life
International Equity Fund
|
Canada Life Global
Dividend Fund
|
Canada Life Global All
Cap Equity Fund
|
Canada Life Global
Founders Fund
|
Canada Life Global All
Cap Equity Fund
|
Canada Life
International Growth Fund
|
Canada Life
International Equity Fund
|
Canada Life North
American Specialty Fund
|
Canada Life U.S.
Small-Mid Cap Growth Fund
|
Canada Life Global
Infrastructure Fund
|
Canada Life Diversified
Real Assets Fund
|
Canada Life Global Real
Estate Fund
|
Canada Life Diversified
Real Assets Fund
|
Canada Life Science and
Technology Fund
|
Canada Life Global
Growth Opportunities Fund
|
Fund terminations
The following fund terminations were approved by investors on
January 15, 2024, and liquidation and
termination is expected to take effect on or about January 26, 2024.
- Canada Life Short-Term Bond Fund
- Canada Life Canadian Tactical Bond Fund
Re-opening Canada Life U.S.
Small-Mid Cap Growth Fund
CLIML is committed to keeping its product shelf relevant and
competitive through changing market conditions. That's why on
January 16, 2024, it's reopening all
series of the Canada Life U.S. Small-Mid Cap Growth Fund to new
investors.
The predecessor fund, Mackenzie US Small-Mid Cap Growth Fund,
was closed to new investors on July 30,
2021 due to capacity constraints identified by the
sub-advisor, Mackenzie Investments. Prior to January 16, 2024, advisors weren't able to make
purchases into the Fund for new investors. The sub-advisor has
closely monitored the capacity of the Fund and has determined that
it can now accept new investors. Therefore, CLIML has determined
that it is the appropriate time to re-open it to new investors.
Risk rating change to Canada Life
Global Multi-Sector Fixed Income Fund
Effective on or about January 26,
2024, the risk rating for the Fund will decrease.
Fund
Name
|
Previous Risk
Rating
|
New Risk
Rating
|
Canada Life Global
Multi-Sector Fixed Income Fund
|
Low-to-medium
|
Low
|
CLIML reviews its funds' risk ratings at least annually, and when a
fund undergoes a material change, in accordance with the investment
risk classification methodology mandated by the Canadian Securities
Administrators.
The above change is the result of the upcoming sub-advisor
change announced on November 9, 2023.
The Fund will now aim to invest approximately 100 per cent into
units of the Canada Life Global Multi-Sector Bond Fund.
Commissions, trailing commissions, management fees and
expenses all may be associated with mutual fund investments. Please
read the prospectus before investing. Mutual funds are not
guaranteed, their values change frequently and past performance may
not be repeated.
About Canada Life Investment
Management Ltd.
Canada Life Investment Management is an investment management
firm offering wealth management products and services for
individuals, families and business owners. The funds are
sub-advised by leading asset managers, providing access to
specialized investment expertise from around the world. CLIML is a
subsidiary of The Canada Life Assurance Company. Learn
more.
SOURCE The Canada Life Assurance Company