Canada-based Manulife Mutual Funds has received approval from its independent review committee to undertake a series of fund mergers.
Manulife Mutual Funds has received approval for the following fund mergers: Manulife US Core Fund into Manulife Mawer US Equity Fund, Manulife AIM Canadian First Class into Manulife Canadian Equity Class, Manulife FI Canadian Disciplined Equity Class into Manulife Canadian Equity Class, and Manulife Trimark Global Class into Manulife Global Opportunities Class.
Although no regulatory approvals are necessary to complete any of the mergers, the approval of securityholders of Manulife Mawer US Equity Fund, Manulife Canadian Equity Class and Manulife Global Opportunities Class will be required.
Subject to receipt of all necessary approvals, the mergers are expected to be completed on or about December 12, 2008.
Jeff Ray, assistant vice president of mutual fund products, said: We are making these changes as part of our ongoing effort to streamline our family of investment funds. By merging smaller funds with similar mandates, Manulife Mutual Funds will be in a position to generate greater operating efficiencies, achieve greater economies of scale and concentrate resources to better serve the interests of our investors.