Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, June 27, 2012 
June 27, 2012 10:00 ET
Termination of the NxT Funds
MONTREAL, QUEBEC--(Marketwire - June 27, 2012) - Wellington West Asset Management Inc., a subsidiary of National Bank of Canada (TSX:NA) and the manager of the NxT Funds distributed primarily by National Bank Financial investment advisors, today announces its intention to terminate the NxT Funds on or around October 15, 2012.
The decision to terminate the Nxt Funds was made in order to simplify the range of investment solutions offered by National Bank of Canada and its subsidiaries. By simplifying its product line-up, National Bank has chosen to clarify the positioning of each of its investment solutions.
The following are the funds to be terminated:
- NxT EQ 35 Income & Growth Fund
- NxT EQ 60 Balanced Fund
- NxT EQ 75 Balanced Growth Fund
- NxT Short Term Income Fund.
Immediately following the close of business at 4 p.m. (EST) on June 27, 2012, the NxT Funds will be closed to new purchases, with the exception of pre-established systematic investment and distribution reinvestment plans. Systematic investment plans will cease as of July 26, 2012. Furthermore, unitholders of record as of June 26, 2012 will receive monthly special distributions in order to minimize the impacts of large redemptions on remaining unitholders. Special distributions will be automatically invested in additional units of the NxT Funds, unless a unitholder has requested to receive distributions in cash.
Unitholders will be able to redeem their units of the NxT Funds until October 15, 2012. Any remaining unitholders will then have their units redeemed and the redemption proceeds will be paid out.
No redemption or sales fees will be charged to unitholders as of June 28, 2012.
Wellington West Asset Management Inc. is encouraging NxT Fund unitholders to consult with their investment advisor to determine the solution that best meets their individual investment needs and circumstances.
About National Bank of Canada
With $176 billion in assets as at April 30, 2012, National Bank of Canada ([ www.nbc.ca ]), together with its subsidiaries, forms one of Canada's leading integrated financial groups, and was named among the five strongest banks in the world by Bloomberg Markets. The Bank has close to 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX:NA). Follow the Bank's activities via social media and learn more about its extensive community involvement at [ clearfacts.ca ] and [ commitment.nationalbank.ca ].
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