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Director's decision confirmed; managers, not the funds, must bear the costs of the mutual fund merger.
The Applicants sought a hearing and review of a decision by the Director of the Investment Funds Branch, which approved a merger of six labour sponsored investment funds but required that the costs of the merger not be borne by the Funds.
The Applicants argued that the merger would benefit investors and that the Funds should bear the costs.
The Ontario Securities Commission confirmed the Director's decision, holding that it is generally inappropriate for merger costs to be charged to the funds, and the Applicants failed to provide compelling reasons to depart from this approach.
