TORONTO, June 27, 2018 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) announced today its intention to terminate the Redwood Money Market Fund and the Redwood Global Total Return Bond Portfolio (each a “Fund” and together, the “Funds”) on or about August 27, 2018 (the “Termination Date”).
The decision to close the Funds was driven by their relatively low asset size and the costs associated with maintaining funds of this size. Such factors have made it difficult to efficiently manage the Funds in accordance with their intended investment objectives and, in the view of Purpose, terminating the Funds is in the best interests of each Fund’s securityholders. Effective June 27, 2018, securities of both Funds are no longer available for purchase, including in respect of any pre-authorized purchase plans.
As of today’s date, the Funds may begin liquidating their investments and may no longer be fully invested in accordance with the stated investment objectives outlined in each respective Fund’s simplified prospectus.
Existing securityholders have the option to redeem their investments in the Funds at net asset value on or prior to the Termination Date. All securities not redeemed prior to the Termination Date will be automatically redeemed at that time.
In accordance with securities legislation, a notice describing details of the Funds’ termination will be sent to securityholders of each Fund no less than 60 days prior to the Termination Date. Purpose encourages all securityholders to consult with their financial advisors to discuss the financial and tax implications of the terminations and to determine the best course of action based on their personal investment needs and circumstances.
About Purpose Investments Inc.
Purpose Investments is an asset management company with approximately $5.5 billion under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.
For further information please contact:
Purpose Investments Inc.
Tel: (877) 789-1517
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.