NEI Investments Announces Update to Corporate Class Fund Mergers
TORONTO, ON--(Marketwired - December 22, 2017) - NEI Investments ("NEI") today announced, on behalf of its corporate class funds, which are each a separate class of special shares of Northwest Corporate Class Inc. (the "Corporate Class Funds"), its intention to merge each such fund into its corresponding trust fund version as shown in the chart below in the first quarter of 2018, subject to any necessary approvals being obtained or notices being sent.
NEI had previously announced its intention to merge the funds before the end of 2017; however it wanted to ensure that Bill C-63 had been passed prior to effecting the mergers. Bill C-63 provides the ability for the mergers to be effected by way of a one-time tax-free roll-over for the investors in the Corporate Class Funds into the corresponding trust funds. As Bill C-63 only received Royal Assent on December 14, 2017, it was not possible for NEI to complete the mergers in accordance with the original time-line. "We wanted to ensure certainty for our investors before proceeding with what we believe to be the best course of action for them with respect to the Corporate Class Funds," said John Kearns Chief Executive Officer of NEI.
| Terminating Fund | Continuing Fund | |
| NEI Northwest Short Term Corporate Class | NEI Money Market Fund | |
| NEI Northwest Tactical Yield Corporate Class | NEI Northwest Tactical Yield Fund | |
| NEI Northwest Growth and Income Corporate Class | NEI Northwest Growth and Income Fund | |
| NEI Northwest Canadian Dividend Corporate Class | NEI Northwest Canadian Dividend Fund | |
| NEI Northwest Canadian Equity Corporate Class | Northwest Canadian Equity Fund | |
| NEI Northwest U.S. Dividend Corporate Class | NEI Northwest U.S. Dividend Fund | |
| NEI Northwest Emerging Markets Corporate Class | NEI Northwest Emerging Markets Fund | |
| NEI Northwest Global Equity Corporate Class | NEI Northwest Global Equity Fund | |
| NEI Northwest Speciality Equity Corporate Class | NEI Northwest Speciality Equity Fund | |
| NEI Select Conservative Corporate Class Portfolio | NEI Select Conservative Portfolio | |
| NEI Select Balanced Corporate Class Portfolio | NEI Select Balanced Portfolio | |
| NEI Select Growth Corporate Class Portfolio | NEI Select Growth Portfolio | |
| NEI Select Global Maximum Growth Corporate Class Portfolio | NEI Select Global Maximum Growth Portfolio |
As of June 7, 2017, purchases (including Authorized Payment Plans) of and switches to the Corporate Class Funds were discontinued. Investors, who wish to re-establish an Authorized Payment Plan in the corresponding trust fund version of the applicable Corporate Class Fund they currently hold, should consult their financial advisors. Automatic Withdrawal Plans in the Corporate Class Funds will continue to be honoured until the date of the mergers and will then be re-established in the fund which is the corresponding trust fund version of the applicable Corporate Class Fund.
ABOUT NEI INVESTMENTS
NEI Investments is a national investment firm with approximately $6 billion in assets under management. It offers Canadian retail investors access to experienced money managers through a wide range of investment solutions in three fund families, NEI, Northwest Funds and Ethical Funds. Its products provide investors with a full range of investment management styles as well as conventional and responsible investment choices.
NEI Investments is owned 50% by the Provincial Credit Union Centrals and 50% by Desjardins Group. This backing of experience and resources allows NEI Investments to actively support business growth in these networks as well as independent advisor channels.
NEI Investments has offices in Toronto, Vancouver and Montreal.
Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to the future outlook of the NEI Funds and anticipated events or results and may include statements regarding the future financial performance of the NEI Funds. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "anticipate", "believe", "intend" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information.
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