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Dynamic Funds withdraws five proposed fund mergers

par The IJ Staff | June 05 2017 09:45AM

Dynamic Funds is withdrawing five previously announced proposed fund mergers, announced the company June 2.

The proposed mergers concerned are:

  • Dynamic Corporate Bond Strategies Class merging into Dynamic Advantage Bond Class
  • Dynamic Corporate Bond Strategies Fund merging into Dynamic Advantage Bond Fund
  • DMP Power Global Growth Class merging into Dynamic Power Global Growth Class
  • DMP Resource Class merging into Dynamic Strategic Resource Class
  • DMP Value Balance Class merging into Dynamic Value Balance Class

The special meetings of securityholders of these funds, scheduled for June 9, will no longer be taking place. The funds will resume normal business activities, with the following changes:

  • For Dynamic Corporate Bond Strategies Fund, the Series A and H management fee will be reduced to 1.40% and its fixed administration fee will be reduced to 0.15%, effective June 2.
  • For Dynamic Corporate Bond Strategies Class, the Series A, E, H, and T management fee will be lowered to 1.40%, while the Series A, H, and T fixed administration fee will be lowered to 0.15%, effective June 2.
  • For DMP Power Global Growth Class, DMP Resource Class, and DMP Value Balanced Class, all series will be capped to new investments, effective September 29.
  • For DMP Resource Class, its performance fee has been eliminated, including any current payable performance fees for the year, effective immediately.

1832 Asset Management L.P., the manager of the Dynamic Funds, says it intends “to explore options to wind down, in an orderly fashion, DMP Power Global Growth Class, DMP Resource Class, and DMP Value Balanced Class by the end of 2019 in order to provide current investors with the opportunity to consider applicable tax planning considerations with their advisor.”

Fee reductions have also been announced for the following funds:

  • For Dynamic Aurion Total Return Bond Class, the Series E management fee has been lowered to 1.40%.
  • For Dynamic Global Asset Allocation Class, the Series E fixed administration fee has been lowered to 0.14%.
  • For Dynamic Global Dividend Class, the Series E fixed administration fee has been lowered to 0.08%.
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