TORONTO, March 22, 2019 /CNW/ - RBC Global Asset
Management Inc. ("RBC GAM Inc.") today announced that unitholders
have approved the mergers of five RBC Index ETFs, the change in
investment fund manager from RBC GAM Inc. to BlackRock Asset
Management Canada Limited ("BlackRock Canada") for the RBC Global
Government Bond (CAD Hedged) Index ETF and changes to the
investment objectives of the RBC Index Funds.
RBC GAM Inc. also announced further details regarding the
termination of the RBC Emerging Markets Equity Index ETF.
Details of the changes are as follows.
RBC Index ETF mergers
Unitholders have approved a
proposal to merge the following RBC ETFs with the corresponding
iShares ETF (as set forth in the table below) effective on or about
April 8, 2019 (and on or about
April 9, 2019 in the case of the
merger involving the RBC International Equity Index ETF). The
mergers have also received regulatory approval.
Terminating RBC
ETF
|
Continuing iShares
ETF
|
RBC Canadian Short
Term Bond Index
ETF (RCSB)
|
iShares Core Canadian
Short Term Bond
Index ETF (XSB)
|
RBC Canadian Bond
Index ETF (RCUB)
|
iShares Core Canadian
Universe Bond Index
ETF (XBB)
|
RBC Canadian Equity
Index ETF (RCAN)
|
iShares Core
S&P/TSX Capped Composite
Index ETF (XIC)
|
RBC U.S. Equity Index
ETF (RUSA)
|
iShares Core S&P
500 Index ETF (XUS)
|
RBC International
Equity Index ETF (RINT)
|
iShares Core MSCI
EAFE IMI Index ETF
(XEF)
|
Unitholders of each terminating RBC ETF will receive units of
the respective continuing iShares ETF based on the NAV per unit of
the respective terminating RBC ETF and continuing iShares ETF. Each
of the terminating RBC ETFs will be wound up following the mergers.
Unitholders will have the right to redeem units of the terminating
RBC ETFs up to the close of business on the business day
immediately preceding the effective date of the mergers.
Investment fund manager change: RBC Global Government Bond
(CAD Hedged) Index ETF (RGGB)
Unitholders have approved
a proposal to change the trustee, investment fund manager and
portfolio advisor of the RBC Global Government Bond (CAD
Hedged) Index ETF from RBC GAM Inc. to BlackRock Canada effective
on or about April 8, 2019. The change
in investment fund manager has also received regulatory
approval.
In addition, as a result of the investment fund manager change,
effective on or about April 8, 2019
State Street Global Advisors, Ltd. will no longer be the
sub-advisor of the RBC Global Government Bond (CAD Hedged) Index
ETF. Following the change of manager, BlackRock Canada's
non-Canadian affiliate, BlackRock Institutional Trust Company, N.A.
will act as sub-advisor to the ETF.
The RBC Global Government Bond (CAD Hedged) Index ETF will be
renamed the iShares Global Government Bond Index ETF (CAD-Hedged)
and the ETF's ticker will change to XGGB effective on or about
April 8, 2019. The ETF will continue
to be listed on the NEO Exchange. BlackRock Canada expects that
units of XGGB will be qualified for sale under a prospectus dated
on or about April 8, 2019 that will
be filed by BlackRock Canada.
Changes to the investment objectives of RBC Index
Funds
Unitholders have approved a proposal to change the
investment objectives of the RBC Index Funds effective on or about
April 8, 2019 (and on or about
April 9, 2019 in respect of the RBC
International Index Currency Neutral Fund) that will provide the
Funds with the flexibility to be able to invest in units of iShares
ETFs.
The RBC Index Funds include:
- RBC Canadian Government Bond Index Fund
- RBC Canadian Bond Index Fund
- RBC Canadian Index Fund
- RBC U.S. Index Fund
- RBC U.S. Index Currency Neutral Fund
- RBC International Index Currency Neutral Fund
ETF termination: RBC Emerging Markets Equity Index ETF
(REEM)
As announced earlier this year, the RBC Emerging
Markets Equity Index ETF will be terminated effective April 5, 2019. The fund's ticker, REEM, is
anticipated to be voluntarily delisted from the NEO Exchange, at
the request of RBC GAM Inc., following the close of business on or
about April 3, 2019.
Commissions, trailing commissions, management fees and expenses
all may be associated with investing in mutual funds and
exchange-traded funds (ETFs). Please read the relevant prospectus
before investing. Mutual Funds and ETFs are not guaranteed, their
values change frequently and past performance may not be repeated.
Tax, investment and all other decisions should be made, as
appropriate, only with guidance from a qualified professional. RBC
iShares ETFs are comprised of RBC ETFs managed by RBC Global Asset
Management Inc. (a member of the RBC GAM group of companies) and
iShares ETFs managed by BlackRock Asset Management Canada
Limited.
About RBC Global Asset Management
RBC Global Asset
Management (RBC GAM) is the asset management division of Royal
Bank of Canada (RBC) and includes
institutional money managers BlueBay Asset Management and Phillips,
Hager & North Investment Management. RBC GAM is a provider of
global investment management services and solutions to
institutional, high-net-worth and individual investors through
separate accounts, pooled funds, mutual funds, hedge funds,
exchange-traded funds and specialty investment strategies. The RBC
GAM group of companies manage approximately $425 billion in assets and have approximately
1,400 employees located across Canada, the United
States, Europe and
Asia.
About BlackRock
BlackRock Canada is a wholly-owned
subsidiary of BlackRock, Inc., BlackRock, Inc. helps investors
build better financial futures. As a fiduciary to its clients,
BlackRock, Inc. provides the investment and technology solutions
investors need when planning for their most important goals. As of
December 31, 2018, the firm managed
approximately US$5.98 trillion in
assets on behalf of investors worldwide. BlackRock, Inc., together
with its worldwide affiliates, is the world's largest ETF provider
by assets under management as of September
30, 2018 (source: BlackRock, Inc.). For additional
information on BlackRock, Inc., please visit www.blackrock.com.
About iShares
iShares unlocks opportunity across
markets to meet the evolving needs of investors. With more than
twenty years of experience, a global line-up of 800+ exchange
traded funds (ETFs) and US$1.8
trillion in assets under management as of December 31, 2018. iShares continues to drive
progress for the financial industry. iShares funds are powered by
the expert portfolio and risk management of BlackRock, Inc.,
trusted to manage more money than any other investment firm.
iSHARES is a registered trademark of BlackRock Inc., or its
subsidiaries in the United States
and elsewhere. Used under licence.
"FTSE®" is a trademark of the London Stock Exchange Group
companies and is used under license. MSCI and EAFE are trademarks
of MSCI, Inc. S&P® is a registered trademark of Standard &
Poor's Financial Services LLC. TSX is a trademark of TSX Inc. The
funds referenced herein are not sponsored, endorsed, sold or
promoted by FTSE International Limited, FTSE Global Debt Capital
Markets Inc., MSCI, Inc., Standard & Poor's Financial Services
LLC, TSX Inc. or their licensors, and they make no representation,
warranty, or condition regarding the results to be obtained from
the use of any index referenced herein or the advisability of
investing in any of the funds.
SOURCE RBC Global Asset Management