TORONTO, Sept. 15, 2023 /CNW/ - 1832 Asset Management L.P. (the "Manager") announced that it has received approval at special meetings of the unitholders today to merge certain funds (the "Mergers"), to simplify its ScotiaFunds product shelf and more closely align with client preferences.

The following mutual funds (each, a "Terminating Fund") will be merged into the corresponding mutual fund (each, a "Continuing Fund"):

Each merger is expected to be implemented on or about October 13, 2023. All costs and expenses associated with each of the mergers will be borne by the Manager.

On the Merger date, each Terminating Fund and each Continuing Fund (except Scotia Aria Conservative Build Portfolio) will distribute any net income and net realized capital gains for its taxation year ending on the Merger date, to the extent necessary to eliminate its liability for income tax under Part I of the Income Tax Act (Canada).

Additional information concerning the mergers was included in the meeting materials that were mailed out to Terminating Fund unitholders of record as at July 27, 2023. The notice-and-access document and management information circular are available on SEDAR at www.sedarplus.ca and scotiafunds.com/securityholdervote.

In connection with the Mergers, the Manager will reduce the fixed administration fee of each series of each Continuing Fund from 0.10% to 0.05%. All applicable fee reductions are expected to be effective concurrent with the effective date of the Mergers.

Effective October 20, 2023, the Scotia Aria Build Portfolios will be renamed to Scotia Essentials Portfolios and the asset allocation naming conventions will be changed so they are described in a consistent manner across all Scotia Portfolio Solutions. The new names are listed below:

Concurrently, Premium Series of the listed Scotia Essentials Portfolios will be renamed to Series A.

For further information on these and other ScotiaFunds, please visit scotiafunds.com.

Commissions, trailing commissions, management fees and expenses all may be associated with investments in the funds. Please read the prospectus before investing. Investments in the funds are not guaranteed, their values change frequently, and past performance may not be repeated.

Scotia Global Asset Management includes 1832 Asset Management L.P., a limited partnership, the general partner of which is wholly owned by Scotiabank. Scotia Global Asset Management offers a range of wealth management solutions, including mutual funds, ETFs, and investment solutions for private clients, institutions and managed asset programs. For more information, please visit www.scotiagam.com.

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.4 trillion (as at July 31, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on X @Scotiabank.

SOURCE Scotiabank