CI Investments announces fund mergers and other changes to enhance lineup
CI Investments announces fund mergers and other changes to enhance lineup
Canada NewsWire
TORONTO, Sept. 23, 2019
TORONTO, Sept. 23, 2019 /CNW/ - CI Investments Inc. ("CI") today announced a plan to merge 30 funds into other investment mandates and to change the names of 19 funds, a significant step in the company's initiative to simplify and modernize its product lineup.
"These are extensive changes that will streamline our product offering, making it easier for our clients to do business with us," said Roy Ratnavel, Executive Vice-President and Head of Sales for CI. "These steps reflect the depth of our commitment to earning the business of Canadians and being a trusted partner to investors and advisors."
Over the past 14 months, CI has enhanced its product lineup through pricing reductions, the change of its CI Preferred Pricing program to a simpler rebate model, and the introduction of relevant new products such as CI Private Pools, CI Liquid Alternatives, and CI Mosaic ETF Portfolios, as well as a high interest savings mandate and an environmental, social and governance (ESG) mandate – both launched in mutual fund and exchange-traded fund versions.
With the fund mergers, 30 mandates will be terminated, and investors will receive the equivalent dollar value of securities in the corresponding continuing funds. The changes will reduce duplication in CI's lineup and create larger, more efficient funds with increased potential for diversification opportunities. In most cases, the corresponding terminating and continuing funds have similar mandates and the same portfolio management teams. In all cases, investors will be paying management and administration fees that are the same or lower than those of the terminating fund.
The Independent Review Committee for the funds has reviewed the proposed mergers with respect to potential conflict of interest matters and provided a positive recommendation and/or approval, having determined that the proposed mergers would achieve a fair and reasonable result for each of the funds. The costs and expenses associated with the mergers are being borne by CI, not the funds.
Certain fund mergers require regulatory approval, as well as the approval of securityholders, and meetings to vote on the proposals have been scheduled for November 11, 2019. Those securityholders will receive documents related to the merger proposals in October 2019. Securityholder approval is not required for certain other mergers, and those investors will be notified in September 2019 of the changes. Pending the required securityholder and regulatory approvals, the mergers will be effective after the close of business on or after November 22, 2019.
Fund mergers
Terminating Fund | Continuing Fund |
Cambridge Canadian Growth Companies Fund* | Cambridge Growth Companies Fund (to be renamed Cambridge Global Smaller Companies Fund) |
CI Can-Am Small Cap Corporate Class* | Cambridge Growth Companies Corporate Class* (to be renamed Cambridge Global Smaller Companies Corporate Class) |
CI American Equity Fund* | Sentry U.S. Growth and Income Fund |
CI Global Small Companies Corporate Class* | Cambridge Growth Companies Corporate Class* (to be renamed Cambridge Global Smaller Companies Corporate Class) |
CI Global Small Companies Fund* | Cambridge Growth Companies Fund (to be renamed Cambridge Global Smaller Companies Fund) |
Harbour Canadian Dividend Fund*
| Sentry Growth and Income Fund (to be renamed CI North American Dividend Fund) |
Harbour Corporate Class* | CI Canadian Investment Corporate Class* |
Harbour Fund | CI Canadian Investment Fund |
Harbour Global Equity Corporate Class* | CI Global Value Corporate Class* |
Harbour Global Equity Fund* | CI Global Value Fund |
Harbour Global Growth & Income Corporate Class* | Signature Global Income & Growth Corporate Class* |
Harbour Global Growth & Income Fund | Signature Global Income & Growth Fund |
Harbour Growth & Income Fund | Signature Canadian Balanced Fund |
Harbour Voyageur Corporate Class* | CI Canadian Investment Corporate Class* |
Lawrence Park Strategic Income Fund* | CI Investment Grade Bond Fund
|
Marret High Yield Bond Fund*
| Signature High Yield Bond II Fund (to be renamed Signature High Yield Bond Fund) |
Sentry Alternative Asset Income Fund* | Signature Diversified Yield II Fund (to be renamed Signature Diversified Yield Fund) |
Sentry Canadian Bond Fund* | Signature Core Bond Plus Fund |
Sentry Canadian Fixed Income Private Pool | CI Canadian Fixed Income Private Pool |
Sentry Conservative Monthly Income Fund* | Portfolio Series Income Fund |
Sentry Corporate Bond Fund | Signature Corporate Bond Fund |
Sentry Diversified Equity Fund* | Sentry All Cap Income Fund |
Sentry Energy Fund* | Signature Global Energy Corporate Class |
Sentry Global Growth and Income Fund | Cambridge Global Dividend Fund |
Sentry Global High Yield Bond Fund | Signature High Yield Bond II Fund (to be renamed Signature High Yield Bond Fund) |
Sentry Global Mid Cap Income Fund | Cambridge Growth Companies Fund (to be renamed Cambridge Global Smaller Companies Fund) |
Sentry Global Tactical Fixed Income Private Pool* | CI Global Unconstrained Bond Private Pool |
Sentry Money Market Fund | CI Money Market Fund |
Signature Gold Corporate Class* | Sentry Precious Metals Class |
Signature Real Estate Pool | Sentry Global REIT Fund (to be renamed Signature Global REIT Fund) |
*Regulatory and securityholder approval required. |
Fund name changes
In addition, CI is renaming the following funds to clarify the mandate of each fund and/or the portfolio management team responsible for the mandate. These changes will be effective after the close of business on or after November 22, 2019.
Current name | New name |
Cambridge Growth Companies Corporate Class | Cambridge Global Smaller Companies Corporate Class |
Cambridge Growth Companies Fund | Cambridge Global Smaller Companies Fund |
CI American Equity Corporate Class | Sentry U.S. Growth and Income Corporate Class |
Harbour Global Analyst Fund | CI Global Stock Selection Fund |
Harbour Growth & Income Corporate Class | Signature Canadian Balanced Corporate Class |
Sentry Corporate Bond Class | Signature Corporate Bond Class |
Sentry Diversified Equity Class | Sentry All Cap Income Class |
Sentry Global Growth and Income Class | Cambridge Global Dividend Class |
Sentry Global High Yield Bond Class | Signature High Yield Bond Class |
Sentry Global Infrastructure Fund | Signature Global Infrastructure Fund |
Sentry Global Monthly Income Fund | CI Global Value Balanced Fund |
Sentry Global REIT Class | Signature Global REIT Class |
Sentry Global REIT Fund | Signature Global REIT Fund |
Sentry Growth and Income Fund | CI North American Dividend Fund |
Sentry Money Market Class | CI Money Market Class |
Signature Diversified Yield ll Fund | Signature Diversified Yield Fund |
Signature Floating Rate Income Pool | Signature Floating Rate Income Fund |
Signature High Yield Bond II Fund | Signature High Yield Bond Fund |
Signature Preferred Share Pool | Signature Preferred Share Fund |
About CI Investments – Trusted Partner in Wealth™
CI Investments is one of Canada's largest investment management companies. It offers a wide range of investment products and services and is on the Web at www.ci.com. CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent, Canadian-owned wealth management firm with $176.1 billion in assets as of August 31, 2019.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
CI Investments, the CI Investments design and Cambridge are registered trademarks of CI Investments Inc. "Trusted Partner in WealthTM", CI Private Pools™, CI Mosaic ETF Portfolios™, CI Liquid Alternatives™ and Sentry™ are trademarks of CI Investments Inc.
©CI Investments Inc. 2019. All rights reserved.
SOURCE CI Investments Inc.
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