AGF closes 6 funds

AGF Investments is terminating six funds on November 1, 2013.

As such, the securities of the funds below were no longer available for purchase as of August 26, 2013:

• AGF Dollar Cost Averaging Fund
• AGF Global Real Estate Equity Fund
• AGF Global Real Estate Equity Class
• Acuity Pooled Growth and Income Fund
• Acuity Pooled Social Values Canadian Equity Fund
• Acuity Pooled EAFE Equity Fund

The decision to terminate these funds was driven by a combination of the small number of security holders, relatively low assets and the costs associated with maintaining such small funds, says AGF.

It adds affected investors will be advised of their options by letter prior to the termination on or about November 1, 2013. Security holders of the funds will have the option to switch their investments to any of AGF’s diversified family of mutual funds or to redeem their securities.

Security holders will not be required to pay any redemption fees or sales charges.

In addition to the terminations, two funds will also be renamed. The company says the new fund names will better reflect the characteristics and holdings of each offering.

So, the AGF Aggressive U.S. Growth Fund will be renamed the AGF U.S. Small-Mid Cap Fund, and the AGF Aggressive Global Stock Fund will be renamed the AGF Global Select Fund. These names changes will also be effective on November 1, 2013.

Read: AGF launches defensive fund class

Staff

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