The Toronto Stock Exchange and Barclays Global Investors Canada completed the merger of the Toronto 35 Index Participation Fund (TIPS 35) and the TSE 100 Index Participation Fund (TIPS 100) with the iUnits S&P/TSE 60 Index Participation Fund (i60 Fund) after the close of the market on March 6.
Unitholders of the TIPS 35 and TIPS 100 funds approved the merger on February 28.
The merger occurred in spite of a last-minute attempt by State Street Global Advisors to draw investors to its own index participation fund based on the Dow Jones Canada 40 Index. State Street was formerly the trustee and custodian of the TIPS funds. The company sent out a dissenting proxy circular to unitholders and paid for newspaper advertisements urging unitholders to consider the Dow Jones Canada 40 product.
Barclays Global Investors responded with its own ad campaign and even the TSE and Dow Jones weighed in with their opinions, the latter to no avail.