Sun Life Global Investments
was given the approval by unitholders for the previously announced merger of Sun Life Sentry Conservative Balanced Fund and Sun Life Granite Income Portfolio.
Announced in July, the fund merger is expected to be effective on 27 October.
The fund manager said Sun Life Sentry Conservative Balanced Fund was capped to new investors and securities will no longer be available for purchase. The only exception was the pre-authorised purchase plans existing prior to the unitholders' decision announcement.
"Pre-authorized purchase plans that were already in place prior to October 6, 2017, will continue uninterrupted up to close of business on October 26, 2017. These pre-authorized purchase plans will automatically transfer to Sun Life Granite Income Portfolio after the Fund Merger Date," Sun Life Global Investment explained.
Meanwhile, the unitholders of Sun Life Sentry Conservative Balanced Fund will be given the chance to redeem or switch securities until one day before the official merger date. Nonetheless, all holders will receive equivalent series of units in Sun Life Granite Income Portfolio.
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