SEI Investments Canada closing global equity fund

By Staff | July 18, 2014 | Last updated on July 18, 2014
1 min read

SEI Investments Canada, a wholly owned subsidiary of SEI Investments Company, has announced it’s closing the Nordea International Equity Fund, effective September 16, 2014.

At the close of business on July 18, 2014, units of the fund will no longer be available for purchase by new and existing unit holders. The decision to terminate the offering was driven by a decline in assets, which make it difficult to efficiently manage the fund.

In accordance with securities legislation, a notice will be sent to unit holders of the fund no less than 60 days prior to the effective date of the termination. Following that, the fund will begin liquidating its portfolio investments and may no longer be fully invested in accordance with its stated investment objective.

Existing unit holders have the option to redeem their investments on or prior to the termination date. All units not redeemed prior to the fund’s closure will be automatically redeemed at that time.

If required, a final distribution will occur on or before September 16, 2014.

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The staff of have been covering news for financial advisors since 1998.