The Toronto-based fund manager announced it will delist its exchange-traded funds on the Neo Exchange by Oct. 23 and the funds will be terminated by Dec. 20. Emerge explored selling the company to a handful of potential buyers, but there was not enough time to close a deal with interested parties, The Globe and Mail reported. (The Logic, The Globe and Mail)
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The Toronto-based fund manager announced it will delist its exchange-traded funds on the Neo Exchange by Oct. 23 and the funds will be terminated by Dec. 20. Emerge explored selling the company to a handful of potential buyers, but there was not enough time to close a deal with interested parties, The Globe and Mail reported. (The Logic, The Globe and Mail)
Talking point: The Emerge ETFs are Canadian-listed versions of star tech investor and ARK Investment Management CEO Cathie Wood’s ARK ETFs. In April, the Ontario Securities Commissions put a cease-trade order on the ETFs after Emerge failed to file financial statements and comply with working capital requirements. A month later, the regulator said Emerge owed $5.5 million to ARK ETFs. ARK Investments began distancing itself from Emerge around that time, saying it’s “not affiliated with and has no ownership or role in the management of Emerge Canada, nor its ETFs,” The Globe and Mail reported.
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