The company said that effective 19 November 2010, units of the funds will no longer be available for purchase by new and existing unitholders. SEI Canada is a subsidiary of US based SEI Investments Company.
Termination of the funds is contingent upon obtaining majority approval from unitholders.
The decision to recommend terminating the funds was driven by low asset balances, which make it difficult to efficiently manage the funds in accordance with their intended investment strategies, said the company.
SEI Canada said that following this notice, the funds will begin liquidating their portfolio investments and may no longer be fully invested in accordance with the stated investment objectives outlined in the simplified prospectus.
Existing unitholders of the funds have the option to redeem or switch their investments on any business day prior to the termination date.
If applicable, a special distribution of income and/or capital gains will be paid to all unitholders of record on 19 November 2010. Additionally, if required, a final distribution will occur on or before 18 January 2011.
