RBC Global Asset Management is merging three of its Private Pool funds into three RBC Funds.
On Sept.18, RBC announced that it plans to merge the following RBC Private Pools into other RBC Funds on Nov. 27:
- The RBC Private Canadian Bond Pool will be merged into the RBC Bond Fund
- The RBC Private U.S. Equity Pool will be merged into the RBC U.S. Equity Fund
- The RBC Private International Equity Pool will be merged into the RBC International Equity Fund
RBC says it is taking the step "in order to reduce duplication of fund offerings that have the same or substantially similar investment objectives", and notes that its Independent Review Committee has considered and approved the proposed mergers after determining that they achieve a fair and reasonable result for each of the applicable funds.
Unitholders of the terminating pools will receive a written notice at least 60 days prior to the effective date, and RBC notes they will have a right to redeem units of the terminating pools "up to the close of business on the business day immediately preceding the effective date of the mergers".