Manulife Investments announced today its intent to implement a fund merger of Manulife International Value Equity Fund into Manulife EAFE Equity Fund (formerly Manulife International Focused Fund) (the “Funds”).
The proposed merger is designed to eliminate redundancy and streamline Manulife’s platform for advisors and investors. Both Funds are currently sub-advised by Pictet Asset Management.
The proposed merger will be executed on a taxable basis and will require regulatory approval, as well as the approval of the securityholders of the Funds. The Independent Review Committee of the Funds has reviewed the proposed merger and concluded that it achieves a fair and reasonable result for the Funds.
Manulife Investments is also proposing to change the investment objective of Manulife EAFE Equity Fund to better align with the sub-advisor’s usual objective and strategy for similar mandates. Such change will require the approval of the securityholder of the Manulife EAFE Equity Fund.
The securityholders of the Funds will receive a Notice of Meeting and Management Information Circular for the respective proposals, in accordance with applicable securities laws. The required securityholder approvals will be sought at special meetings to be held on or about March 14, 2019 for securityholders of record as of January 31, 2019. Subject to these approvals, Manulife Investments is proposing to merge the funds on or about April 5, 2019.
Subject to the proposed merger taking place, Manulife EAFE Equity Fund will also receive a management fee reduction on Series F and Series FT of 0.08% effective after close of business on April 5, 2019.
Manulife Financial Corporation & Profibusiness.world
January 14, 2019