RBC GAM closes bond fund to new investorsBy The IJ Staff | July 08 2019 05:30PM
RBC Global Asset Management has announced that the PH&N High Yield Bond Fund will close to new investors as of July 10, 2019.
Had only been open since June 27
After having been capped in April 2016 to new investors, the fund was only reopened on June 27, 2019. In explaining its decision to close the fund to new investors this week, RBC GAM said, “recent opportunities provided the portfolio manager with a limited amount of additional capacity for the fund, which was fulfilled due to significant demand from investors.”
Existing unitholders of the fund will continue to be able to make investments into the fund after it is capped. Purchase orders by new investors submitted on or before 4:00 pm ET on July 10, 2019 will be processed.