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First Asset ETFs to eliminate adviser class units

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First Asset Investment Management is to eliminate all adviser-class units of its exchange trade funds (ETFs).

Adviser class units are a class of ETF units which pay a service fee to the financial professionals who have purchased them on behalf of their clients.
 
Adviser class units are currently only available on certain ETFs offered by First Asset and are denoted by ".A", ".D" or ".V" after their ticker symbol. 
 
The adviser class units represent less than 2 per cent of First Asset's ETF assets under management and First Asset anticipates the changing regulatory environment will continue to reduce the demand for these units.
 
As of 28 April 2017, adviser class units will no longer be issued by the First Asset ETFs, and conversions from common class units to adviser class units will no longer be available. On or about 7 July 2017 (the conversion date), First Asset plans to reduce the annual management fee on the adviser-class units by an amount equal to the applicable service fee payable in respect of that class of units, and either concurrently or as soon as reasonably practicable thereafter, convert all adviser class units into the corresponding common class units of the same ETF, subject to receipt of all regulatory and third party approvals, if any.
 
As at the conversion date, the adviser class units and the common class units will share the same attributes, and the conversion will not adversely impact the financial interests or rights of any unitholders.

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