TORONTO, May 24, 2017 /CNW/ - CI Investments Inc. ("CI") is pleased to announce the addition of highly experienced and successful portfolio manager Peter Hofstra to its Harbour Advisors investment team. CI is also announcing portfolio management changes to a number of funds.

Mr. Hofstra, who will begin his position as Senior Vice-President and Senior Portfolio Manager on July 3, 2017, has over 15 years of experience investing in Canadian and U.S. equities. Most recently, he was Chief Investment Officer, Lead Portfolio Manager and Securities Analyst at Manitou Investments, a well-regarded investment counselling firm. Prior to that, he was a portfolio manager at another diversified Canadian asset manager. Mr. Hofstra holds a bachelor's degree in chemistry, a PhD in engineering physics and the Chartered Financial Analyst designation. He will join award-winning Senior Portfolio Managers Ryan Fitzgerald and Roger Mortimer as the third lead manager at Harbour Advisors.

"Under Peter's investment leadership, Manitou has achieved consistently strong investment results across a variety of strategies, including Canadian equity, U.S. equity and North American equity," said Neal Kerr, Executive Vice-President, Investment Management, CI Investments. "His appointment speaks to CI's continued commitment to the Harbour team and its investment funds. Harbour offers its investors deep expertise and extensive experience in conservative value investing, with three senior portfolio managers leading a group of nine additional investment professionals."

CI also announced that Harbour Advisors is being named portfolio advisor to all funds currently sub-advised by Tetrem Capital Management, on or about July 15, 2017. Daniel Bubis, Tetrem's Founder and Chief Investment Officer, has decided to close his business and cease managing money for external investors. As a result, Tetrem is resigning from its CI mandates.

The Harbour approach is closely aligned with Tetrem's investment style and this change will ensure that these portfolios remain suitable for clients seeking a conservative, value-based approach to equity investing.

Below is a list of the affected CI funds, along with each fund's new lead portfolio manager:

Harbour is also replacing Altrinsic Global Advisors as manager of the international portions of CI Canadian Investment Fund and CI Canadian Investment Corporate Class.

Mr. Fitzgerald is also Lead Portfolio Manager of Harbour Fund, Harbour Corporate Class and Harbour Global Equity Corporate Class. Mr. Mortimer is Lead Portfolio Manager of Harbour Growth & Income Fund, Harbour Growth & Income Corporate Class and Harbour Global Growth & Income Corporate Class, a Morningstar five-star rated fund.*

About CI Investments – Canada's Investment Company
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 $163.6 billion in assets as of April 30, 2017.

*© 2017 Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar Ratings reflect performance as of April 30, 2017 and are subject to change monthly. The ratings are calculated from a fund's 3, 5, and 10-year returns measured against 91-day Treasury bill and peer group returns. For each time period the top 10% of the funds in a category get five stars. The Overall Rating is a weighted combination of the 3, 5 and 10-year ratings. For greater detail see www.morningstar.ca. For Harbour Global Growth & Income Corporate Class (Class F), the star rating and number of Global Equity Balanced funds for each period are as follows: overall – 5 stars; 3 years – 5 stars, 683 funds; 5 years – 5 stars, 481 funds; 10 years – 4 stars, 204 funds. As of April 30, 2017, returns for the fund are: 14.8% (1 yr); 9.4% (3 yrs); 12.2% (5 yrs) and 5.7% (10 yrs).

Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Harbour Advisors is a division of CI Investments Inc. Certain funds associated with Harbour Advisors are sub-advised by CI Global Investment Inc., a firm registered with the U.S. Securities and Exchange Commission and an affiliate of CI Investments Inc. Roger Mortimer is associated with CI Global Investments Inc.

SOURCE CI Financial Corp.

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