Sun Life Global Investments (Canada) Inc. (SLGI) and Excel Funds Management haven’t received the necessary unitholder votes required to go ahead with their proposed merger of the Excel Money Market Fund into the Sun Life Money Market Fund. That merger was proposed in February.
As a result, the Excel Money Market Fund will close on June 15.
The fund will not be open to new investors, starting June 8 at close of business, and securities will no longer be available for purchase. Unitholders will be able to redeem or switch securities until close of business on June 14.
SLGI announced in September that it was acquiring Excel Funds.