Toronto-based Dynamic Funds, a division of 1832 Asset Management LP, is not going through with certain mutual fund mergers proposals announced in late March.
The proposed fund mergers will no longer go forward as a result of investor feedback to date, according to an email statement sent to Investment Executive.
Although the special meetings on June 9 for securityholders of the affected terminating funds are now cancelled, the statement said the remainder of the fund merger proposals are still set for a vote.
The terminating funds affected by the cancelled merger will now have their fees reduced to stay consistent with Dynamic's overall pricing strategy that began two years, the statement said.
The fund manager also announced plans to gradually close DMP Power Global Growth Class, DMP Resource Class and DMP Value Balanced Class by the end of 2019.
A full list of the affected terminating funds and fee reductions are available in the firm's news release.
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