Purpose Investments terminates Short Duration Tactical Bond FundBy The IJ Staff | January 14 2019 11:30AM
Purpose Investments announced Jan. 11 that it will terminate Purpose Short Duration Tactical Bond Fund and will redeem all of its issued and outstanding ETF units, Class A units, Class F units and Class D units on the fund’s expected termination date of March 22.
“The decision to close the fund was driven primarily by an overlap in mandates within our fund lineup. Additionally, its relatively low assets under management and the costs associated with maintaining a fund of this size has made it difficult to efficiently manage the fund in accordance with its intended investment objectives,” stated the company.
Shares of the fund are no longer available for purchase, including any purchases made through a pre-authorized purchase plan.
Purpose Investments strongly urges unitholders to contact their financial advisor “to discuss the financial and tax implications associated with a redemption of shares and the termination of the fund.”