Purpose Investments Inc.
TORONTO, Nov. 22, 2022 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) today announced its proposal to merge Purpose Money Market Fund (“PMT”) and Purpose High Interest Savings ETF (to be renamed Purpose High Interest Savings Fund) (“PSA”) (the “Merger”) on or about January 27, 2023 (the “Effective Date”). These funds are designed to provide investors with monthly income while preserving capital and liquidity by investing in high interest deposit accounts. The Merger is being implemented in order to more effectively and efficiently manage the fund portfolios as well as to reduce costs for the benefit of unitholders.
Purpose Money Market Fund
Purpose High Interest Savings ETF
The Merger will be implemented on a tax-deferred basis. Following the Merger, PSA will continue to provide an opportunity for preservation of capital and liquidity and monthly distributions.
As a result of the Merger, holders of Class A units and Class F units of the Fund will become holders of Class A units and Class F units, respectively, of PSA on the Effective Date. The change of name of PSA to Purpose High Interest Savings Fund is expected to be effective on or about January 13, 2023.
About Purpose Investments Inc.
Purpose Investments is an asset management company with more than $13 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, offering a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent, technology-driven financial services platform that is reshaping the industry by connecting and creating opportunities across asset management, wealth management and small business financial services.
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