BMO winds up several fundsBy The IJ Staff | June 28 2019 05:30PM
BMO Nesbitt Burns announced on June 27 that a number of funds will be wound up.
These funds are: BMO Advantaged Equal Weight Banks TACTIC™ Fund; BMO Advantaged Equal Weight Oil & Gas TACTIC™ Fund; BMO Advantaged Laddered Preferred Share TACTIC™ Fund and BMO Advantaged S&P/TSX Capped Composite TACTIC™ Fund.
The funds will be terminated on September 27, 2019 or as soon as practicable after this date, says the company which announced on March 20, 2019 that these funds would be impacted by certain amendments to the Income Tax Act proposed by the Minister of Finance in the Federal Budget on March 19, 2019.
“As a result of the proposed changes to the Tax Act, the Manager believes that it is no longer commercially feasible to continue the Funds and that it is in the best interests of shareholders of each of the Funds to terminate the Funds,” stated the company.
FinTech Sector fund will also be wound up
In a separate statement issued on the same day, BMO Nesbitt Burns also announced the termination of the BMO FinTech Sector TACTIC™ Fund on September 27, 2019 or as soon as practicable after that date.