SEI Shuts Down Nordea International Equity FundBy Andrew Rickard | July 22 2014 03:12PM
On July 18th, SEI Investments Canada announced that it had decided to terminate the Nordea International Equity Fund on or about September 16, 2014. At the close of business on July 18, units of the fund were no longer available for purchase by new or existing unitholders.
"The decision to terminate the Fund was driven by a decline in assets which make it difficult to efficiently manage the Fund in accordance with its intended investment objective," reads the announcement from SEI.
Fund unitholders will receive a notice no less than sixty days before the effective date of the termination. After this notice date, the fund will begin liquidating its investment portfolio and may no longer be fully invested in accordance with the investment objectives outlined in the simplified prospectus.
SEI says that existing unitholders may cash in their investments on or prior to the termination date. All units not redeemed prior to the fund closure will be automatically redeemed at that time.
If required, a final distribution will be made on or before September 16, 2014.