First Asset has announced plans to terminate three of its investment-fund products.
The firm has closed its First Asset Global Dividend Fund to new purchases by new and existing investors; all issued and outstanding units of the fund will be redeemed on or about June 8. All unitholders as of the fund’s termination date will receive their proportionate share of property and assets available for distribution through the final redemption of outstanding units.
“Unitholders may continue to redeem or switch their units in the normal course up to the close of business on the termination date,” First Asset said. “First Asset will waive any applicable redemption fees, sales charges or short-term trading fees for such transactions of units.”
The firm is also looking to terminate its First Asset US Equity Multi-Factor Index ETF (FUM) and First Asset Canadian Dividend Low Volatility Index ETF (FDL), both listed on the TSX, on or about June 11. First Asset will ask the TSX to de-list units of each fund on or about June 8.
“As soon as practicable following the termination date, the net assets of each fund will be liquidated and the proceeds therefrom distributed pro rata among holders of record of the fund on the termination date,” the firm said. “First Asset will issue an additional press release on or about the Termination Date confirming final details of the terminations.”