TORONTO, Aug. 22, 2024 /CNW/ - Scotia Global Asset Management (the "Manager") today announced that it has received securityholder approval at the special meetings of the securityholders on August 22, 2024, to merge certain ScotiaFunds. The mergers are expected to take effect on or about November 22, 2024.
Each of the following mutual funds (each, a "Terminating Fund") will be merged into its corresponding mutual fund (each, a "Continuing Fund"):
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Terminating Funds
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Continuing Funds
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Scotia Canadian Bond Fund
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to merge into
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Scotia Canadian Income Fund
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Scotia Conservative Fixed Income Portfolio
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Scotia European Equity Fund
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to merge into
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Scotia International Equity Fund
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Scotia International Equity Blend Class
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All costs and expenses associated with each of the mergers will be borne by the Manager.
On the Merger date, each Terminating Fund will distribute net income or dividends and net realized capital gains, if any, for its taxation year ending on the Merger date, to the extent necessary to eliminate its liability for income tax under Part I of the Income Tax Act (Canada).
Additional information concerning the mergers was included in the meeting materials that were mailed out to Terminating Fund securityholders of record as at July 8, 2024. The notice-and-access document and management information circular are available on SEDAR+ at www.sedarplus.ca and www.scotiafunds.com/securityholdervote.
Fee reduction for Scotia Canadian Income Fund
In connection with the mergers, the Manager will reduce the fixed administration fee on Series A and Series F of Scotia Canadian Income Fund from 0.07% to 0.06%. It is anticipated that the fee reductions will be effective concurrent with the implementation date of the applicable merger.
Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed or insured by the Canada Deposit Insurance Corporation or any other government deposit insurer, their values change frequently and past performance may not be repeated.
About Scotia Global Asset Management
Scotia Global Asset Management® is a business name used by 1832 Asset Management L.P., a limited partnership, the general partner of which is wholly owned by the Bank of Nova Scotia. Scotia Global Asset Management offers a range of wealth management solutions, including mutual funds, ETFs, and investment solutions for private clients, institutions and managed asset programs. For more information, please visit www.scotiagam.com
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial partner, to deliver sustainable, profitable growth and maximize total shareholder return. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at April 30, 2024), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.
SOURCE Scotiabank
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