SEI Investments Canada will close five of its funds, the company annouced Monday.
The 2015 Target Date Fund, 2020 Target Date Fund, 2025 Target Date Fund, 2030 Target Date Fund, and 2040 Target Date Fund (the "Target Date Funds") will officially terminate on December 31.
Unitholders have been notified of the closure and will continue to have the right to redeem their units in the Target Date Funds prior to the termination date. Those units not outstanding by the terminate date will be automatically redeemed.
SEI manages or administers $529 billion in mutual fund and pooled or separately managed assets, including $219 billion in assets under management and $310 billion in client assets under administration.