Sun Life Global Investments has announced that the firm’s two ETFs, acquired through a September 2017 merger with investment manager Excel Funds, are scheduled to close. According to the Toronto-based asset manager, the move is part of a process to refine its business strategy on ETFs.

Sadiq S. Adatia, chief investment officer, Sun Life Global Investments.

Effective at close of business on 24 May 2018, the Excel Global Balanced Asset Allocation ETF (EXGB CN) and Excel Global Growth Asset Allocation ETF (EXGG CN) will cease trading and begin liquidating their assets.

Investors are expected to receive the proceeds of the liquidation by 30 May 2018.

The acquisition of Excel Fund’s saw the Canadian firm (part of the global Sun Life Financial group) gain approximately $700 million in assets under management across the firm’s range of funds.

The two ETFs, Excel Global Balanced Asset Allocation ETF and Excel Global Growth Asset Allocation ETF, accounted for less than $5m, however.

Stepping back from being an ETF provider may be a temporary move for Sun Life,  as the firm notes it is continuing to assess the ETF market and is exploring the best potential approach for entering the space.

“We see great opportunity in the ETF market but have made the decision to take a more measured approach to evaluating the launch of ETFs to ensure we’re bringing our clients the best solutions to help them reach their financial goals,” said Sadiq S. Adatia, chief investment officer, Sun Life Global Investments.