TORONTO, May 21, 2015 /CNW/ - Continuing its
commitment to act in the best interests of Canadian investors,
Invesco Canada ("Invesco") is making several enhancements to its
mutual fund lineup.
Upon completion, these changes will provide investors with more
clarity regarding their investment choices and expand the number of
choices available under the Invesco Private Wealth program.
Proposed fund mergers
To simplify the product lineup,
Invesco proposes to merge the following funds effective on or about
August 7, 2015:
Merging
funds
|
Continuing
funds
|
Invesco Select
Canadian Equity Class
|
Trimark Canadian
Class
|
Invesco Pure Canadian
Equity Class
|
Trimark Canadian
Opportunity Class
|
Invesco Canadian
Equity Growth Class
|
Invesco Canadian
Premier Growth Class
|
PowerShares Tactical
Bond Capital Yield Class
|
PowerShares Tactical
Bond Fund
|
Trimark Diversified
Income Class
|
Trimark Diversified
Yield Class
|
Trimark North
American Endeavour Class
|
Trimark U.S.
Companies Class
|
The merger of Trimark North American Endeavour Class into
Trimark U.S. Companies Class requires approval from the
securityholders of Trimark North American Endeavour Class, as well
as regulatory approval. Securityholders will be asked to vote at a
special meeting to be held July 21 in
Toronto (the "Special Meeting").
Details of this merger proposal will be provided to investors in a
management information circular and proxy package that will be
mailed in June. The Invesco Canada Funds' Independent Review
Committee (the "IRC") has reviewed this proposed merger with
respect to conflict of interest matters and has recommended that
the merger achieves a fair and reasonable result for investors.
The other mergers were approved by the IRC. Accordingly, a
Notice regarding these other mergers will be mailed to investors of
the merging funds at least 60 days prior to the merger date. In
addition, the merger of PowerShares Tactical Bond Capital Yield
Class is subject to regulatory approval.
Series capping
Series A, T4, T6 and T8 of Trimark
Diversified Income Class will be closed to new investors, effective
the close of business June 3, 2015.
Following the closure, only investors holding Series A, T4, T6 and
T8 of Trimark Diversified Income Class may continue to purchase
such series in the account(s) in which they are held.
Fund name change
Effective July
31, Invesco Pure Canadian Equity Fund will be renamed
Trimark Canadian Opportunity Fund.
New series launches
To provide investors with greater
choice within the Invesco Private Wealth program, the following
fund series will also be launched effective June 30, 2015:
Fund
names
|
New
series
|
Invesco Global Growth
Class
|
P, PF
|
Trimark Emerging
Markets Class
|
P, PF
|
Other proposed product lineup enhancements
Invesco
has also proposed changing the investment objective of Trimark
Government Plus Income Fund to provide greater flexibility for the
manager to invest in fixed-income securities issued by Canadian
corporations, which are currently limited to one third of the
Fund's assets. Removing this limit could potentially help the
Fund achieve greater risk-adjusted returns and better performance
relative to peers while maintaining the investment grade credit
quality of the fund on average.
The change to investment objective is subject to securityholder
approval at the Special Meeting. If approved, the Fund will be
renamed Trimark Short-Term Income Fund. Both the investment
objective and name change would be effective July 31, 2015.
Fund terminations
The following mutual funds will be
terminated at the close of business on or about August 7, 2015:
- PowerShares Global Agriculture Class
- PowerShares Tactical Canadian Asset Allocation Fund
Prior to the termination of the funds, investors have the option
to switch their investments into another Invesco Canada fund or to
redeem their securities.
For more information, please visit www.invesco.ca. You can also
connect with Invesco Canada on Twitter (@InvescoCanada), LinkedIn
or Facebook, and get insights from the Trimark portfolio managers
on the Trimark Investments blog.
Commissions, trailing commissions, management fees and expenses
may all be associated with mutual fund investments. Mutual funds
are not guaranteed, their values change frequently and past
performance may not be repeated. Please read the simplified
prospectus before investing. Copies are available from your advisor
or Invesco Canada Ltd.
About Invesco Canada Ltd.
Invesco Canada Ltd.,
operating under three distinct yet complementary product brands
(Trimark, Invesco and PowerShares), is one of Canada's leading investment management
companies. A subsidiary of Invesco Ltd., Invesco Canada's singular
focus is on investment management, offering a diversified suite of
solutions to institutions, organizations, companies and individual
investors across Canada and around
the world. Additional information is available at
www.invesco.ca.
About Invesco Ltd.
Invesco Ltd. is a leading
independent global investment management firm, dedicated to helping
investors worldwide achieve their financial objectives. By
delivering the combined power of our distinctive investment
management capabilities, Invesco provides a wide range of
investment strategies and vehicles to our clients around the world.
Operating in more than 20 countries, the firm is listed on the New
York Stock Exchange under the symbol IVZ. Additional information is
available at www.invesco.com.
Invesco® and all associated trademarks are trademarks
of Invesco Holding Company Limited, used under licence.
PowerShares®, Leading the Intelligent ETF
Revolution® and all associated trademarks are trademarks
of Invesco PowerShares Capital Management LLC (Invesco
PowerShares), used under licence. Trimark®, Knowing
pays® and all associated trademarks are trademarks of
Invesco Canada Ltd.
© Invesco Canada Ltd., 2015
SOURCE Invesco Canada Ltd.