Leith Wheeler to Refocus Mutual Fund Offerings Amid Changes
Leith Wheeler Investment Counsel Ltd. Announces Fund Changes
Leith Wheeler Investment Counsel Ltd. has made a pivotal announcement regarding its mutual fund operations. The firm has decided to terminate the Leith Wheeler High Yield Bond Fund. This decision is significant for both the company and its unitholders, as it marks a shift in the investment strategies offered by Leith Wheeler.
Details of the Fund Termination
Effective immediately, no new purchases will be accepted for the High Yield Bond Fund. This move is part of a strategic decision, and unitholders are encouraged to reach out to their investment advisors to discuss alternative options. Unitholders can redeem or switch their fund holdings prior to the closure by following the guidelines provided in the Fund’s simplified prospectus.
Settlement and Distribution Information
On the termination date, all assets within the Fund will be liquidated at fair market value. Following this, the net assets will be distributed to unitholders. If any securities are held in a registered account and are not redeemed, they will automatically transition to the Leith Wheeler Money Market Fund. For non-registered accounts, associated proceeds will either be deposited into the bank account on file, or a cheque will be issued if no bank account is available.
Continuing Fund Offerings
Despite this termination, Leith Wheeler is committed to its remaining offerings, including the Leith Wheeler Corporate Advantage Fund and the Leith Wheeler Multi Credit Fund. Both of these funds will continue to be available on the F series platform, focusing on high yield securities and maintaining Leith Wheeler’s dedication to client-focused investment management.
Communication with Unitholders
A notice will be dispatched to every Fund unitholder regarding the planned termination a minimum of 60 days ahead of the actual termination. This notification will ensure that investors are kept informed and able to make necessary decisions about their investments.
About Leith Wheeler Investment Counsel Ltd.
Founded in 1982, Leith Wheeler is recognized as an independent, employee-owned investment manager. It specializes in providing tailored investment solutions to a diverse array of clients, including individual investors and institutional entities such as foundations, endowments, and pension funds. The firm takes pride in its client-focused approach, aiming to uphold the highest standards of service and investment performance.
How to Learn More
For those seeking more information about Leith Wheeler and its array of investment funds, additional resources can be found on their official website.
Frequently Asked Questions
What led to the termination of the High Yield Bond Fund?
The decision to terminate the High Yield Bond Fund aligns with Leith Wheeler's strategic re-evaluation of its mutual fund offerings to better serve investors' needs.
How will unitholders be informed about the termination?
Leith Wheeler plans to send notifications to all unitholders at least 60 days prior to the termination date to ensure they are informed and prepared.
What options do unitholders have during the termination process?
Unitholders can redeem or switch their holdings in the Fund prior to the termination date without incurring any sales charges.
What will happen to the remaining assets in the Fund?
Post-termination, the Fund's assets will be liquidated, and the net proceeds will be distributed to unitholders.
What other funds does Leith Wheeler offer?
Alongside the termination of the High Yield Bond Fund, the firm continues to offer the Leith Wheeler Corporate Advantage Fund and the Leith Wheeler Multi Credit Fund.
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