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Sun Life Global Investments temporarily exiting ETF space


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Sun Life Global Investments temporarily exiting ETF space

Sun Life Global Investments (Canada) Inc. and Excel Funds Management Inc. will close Excel Global Balanced Asset Allocation ETF and Excel Global Growth Asset Allocation ETF on or about May 30.

Sun Life Global Investments said in a statement that, effective immediately, no further direct subscriptions for units of the ETFs will be accepted.

Redemption requests may be placed until May 24. Units of the ETFs are expected to be delisted from the Toronto Stock Exchange on or about May 25.

Any remaining unit holders of either ETF as of the termination date will receive the net proceeds from the liquidation of the assets, less all liabilities and all expenses incurred in connection with the dissolution of that ETF, on a pro rata basis.

Sun Life Global Investments Chief Investment Officer Sadiq Adatia said in a statement that the company will continue to "explore the best potential approach for entering the ETF space."