RBC GAM closing two global sector funds

RBC Global Asset Management announced today the upcoming closure of the RBC Global Consumer and Financials Fund and the RBC Global Health Sciences Fund effective end of day June 27, 2011. The funds will be closed to new purchases effective end of day June 20, 2011.

The funds’ low levels of assets have presented challenges to maintain the funds’ integrity going forward. Unitholders may redeem or switch their holdings in each of the Funds until June 27, 2011, at which time any remaining units will be automatically redeemed. In the case of registered plans or tax-free savings accounts, the redemption proceeds will remain with the plan or account.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.