Move to protect the firm’s ability to "continue executing its investment process" within existing conditions
RBC Global Asset Management has announced that they will close several mutual funds managed by its global equity team to new investors.
In a statement, RBC said that closing these funds to new investors “will protect the RBC Global Equity Team's ability to continue executing its investment process within existing liquidity conditions.”
The firm added that current unitholders of the funds will “continue to be able to make investments into the funds after they are capped to new investors,” RBC said in its statement.
Effective September 15, 2021, the following mutual funds will be capped: RBC Global Equity Fund, RBC Vision Global Equity Fund, RBC Global Equity Focus Fund, RBC Global Equity Class, RBC Global Equity Focus Currency Neutral Fund, RBC Global Dividend Growth Fund, RBC Global Dividend Growth Currency Neutral Fund, Phillips, Hager & North Global Equity Fund, Phillips, Hager & North Overseas Equity Fund, Phillips, Hager & North Currency-Hedged Overseas Equity Fund, and Phillips, Hager & North Overseas Equity Class.
According to RBC, purchase orders by new investors will only be processed if submitted on or before 4:00 pm Eastern on September 15, 2021.
“Please consult your advisor and read the prospectus or fund facts document before investing,” RBC said in its statement. “There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.