RBC Global Asset Management (RBC GAM) has announced changes to RBC Private Canadian Value Equity Pool and RBC Private Canadian Growth and Income Equity Pool.
RBC GAM has terminated its sub-advisory relationship with Scheer, Rowlett & Associates Investment Management, the sub-advisor of RBC Private Canadian Value Equity Pool, as of the close of business on 20 September 2013.
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The Pool will be merged into PH&N Canadian Equity Value Fund, managed by RBC GAM, on 15 December 2013 (the effective date). RBC GAM assumed direct investment management oversight of the Pool on 20 September 2013 to ensure a smooth transition for the merger. Units of the Pool will be exchanged on a tax-deferred basis for units of PH&N Canadian Equity Value Fund, with a net asset value on the effective date equal to the net asset value of the units tendered.
RBC GAM will suspend sales of units of the Pool as of the close of business on 6 December 2013. Investors will have the right to redeem units of the Pool up to the close of business on 13 December 2013.
Unit holders of the Pool will be sent a written notice detailing changes related to the merger at least 60 days prior to the effective date.
Effective 25 September 2013, RBC Private Canadian Growth and Income Equity Pool will re-open for new purchases. The Pool was capped to new investors on 9 August 2012. Re-opening the Pool will allow existing investors to add to their holdings and enable new investors to purchase units of the Pool for the first time.
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