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Primerica Concert™ Allocation Series of Funds Open to Existing Clients Only
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
PFSL Fund Management Ltd. announced that as of July 6, 2022, its Primerica Concert™ Allocation Series of Funds will open for limited trading, exclusively for existing investors. The funds, managing over $4.6 billion in assets, will accept pre-authorized purchases, redemptions, and client-directed trades at their discretion. PFSL will continue active management with a focus on achieving superior performance. LifeWorks Investment Management Ltd. and AGF Investments Inc. will assist in asset allocation and daily trades, respectively.
Positive
Concert Funds managing over $4.6 billion in assets under management.
Limited trading opens exclusively for existing investors, encouraging loyalty.
Continued active management aimed at superior fund performance.
Negative
New investors are currently not allowed to trade in Concert Funds, limiting potential growth.
MISSISSAUGA, Ontario--(BUSINESS WIRE)--
PFSL Fund Management Ltd. (“PFSL”), the investment fund manager and trustee of the Primerica Concert™ Allocation Series of Funds (the “Concert™ Funds”), with over $4.6 billion in assets under management (as of May 31, 2022), announced today that, as of July 6, 2022, Concert™ Funds will be open for limited trading and transactions from existing investors only. Specifically, Concert™ Funds will continue accepting pre-authorized purchases made pursuant to the systemic investment plan, redemptions, client-directed trades, switches, rebalancing and any other transactions at Concert™ Funds’ discretion. Trading by new investors may again become accepted at any time and at the discretion of Concert™ Funds.
PFSL will continue to actively manage and oversee Concert™ Funds with a view to achieving superior performance in accordance with each Concert™ Fund’s stated investment objective and strategy. As well, LifeWorks Investment Management Ltd. will continue to advise on the asset allocation of Concert™ Funds, while AGF Investments Inc. will continue to advise on the daily trades required to implement the specific underlying fund recommendations.
About PFSL Fund Management Ltd.
PFSL Fund Management Ltd. (PFSL) is an investment manager and subsidiary of Primerica Financial Services (Canada) Ltd. The Primerica family of companies, including PFSL’s parent company, PFSL Investments Canada Ltd., a mutual fund dealer, and Primerica Life Insurance Company of Canada, has become an increasingly important participant in the Canadian financial services sector. PFSL manages the overall day-to-day affairs and operations, provides administrative services and is responsible for all investment decisions.
About Primerica, Inc.
Primerica, Inc. is a leading provider of financial services to middle income households in the United States and Canada. Licensed financial representatives educate Primerica clients about how to prepare for a more secure financial future by assessing their needs and providing appropriate products like term life insurance, mutual funds, annuities, and other financial products. Primerica insured over 5.7 million people and had over 2.7 million client investment accounts as of December 31, 2021. Primerica was the #2 issuer of Term Life insurance coverage in North America in 2021 through its insurance company subsidiaries. Primerica stock is included in the S&P Mid Cap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI.”
About PFSL Investments Canada Ltd.
PFSL Investments Canada Ltd. is a member of the Primerica Canada group of companies (“Primerica”), which includes Primerica Life Insurance Company of Canada (“PLICC”) and PFSL’s wholly owned subsidiary, PFSL Fund Management Ltd. (“PFSL”). PFSL Investments Canada Ltd. is a member of the Mutual Fund Dealers Association of Canada (MFDA) and Autorité des marchés financiers (AMF) in Quebec. The Primerica companies are related parties, with common ownership and management.
This news release contains certain “forward-looking statements”. The statements that are not historical facts contained in this press release are forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
What changes were announced for Primerica Concert Funds on July 6, 2022?
As of July 6, 2022, Primerica Concert Funds opened for limited trading exclusively for existing investors, accepting certain transactions like redemptions and pre-authorized purchases.
How much asset management does PFSL oversee for Concert Funds?
PFSL Fund Management Ltd. oversees over $4.6 billion in assets under management for the Primerica Concert Funds.
Who manages the asset allocation for Primerica Concert Funds?
LifeWorks Investment Management Ltd. advises on the asset allocation for Primerica Concert Funds.
Is Primerica allowing new investors to trade in Concert Funds as of July 2022?
No, as of July 2022, new investors are not permitted to trade in the Concert Funds.
What is the focus of PFSL in managing Concert Funds?
PFSL focuses on achieving superior performance in line with each Concert Fund’s stated investment objectives.
