Toronto-based CI Investments Inc. Monday announced a proposal to merge three funds.
The proposed mergers of CI U.S. Equity Plus Fund into Cambridge American Equity Corporate Class and Signature Diversified Yield Fund into the Signature Diversified Yield II Fund require unitholder and regulatory approval. Should approval be provided, the mergers will take place after the close of business on July 10.
The merger of CI Alpine Growth Equity fund into CI Canadian Small/Mid Cap fund does not need unitholder approval and will proceed after the close of business on July 10. Unitholders will be notified of the change in June.
“The mergers will reduce duplication within the CI fund lineup while investors will benefit from being part of larger funds with greater access to investment opportunities,” states the firm’s announcement.
CI Investments also notes that the mergers will indirectly affect two segregated funds that currently invest in units of CI Alpine Growth Equity Fund. Following the merger, Clarica SF CI Alpine Growth Equity Fund and Clarica SF Growth Fund will invest in units of CI Canadian Small/Mid Cap Fund.