CI Investments Inc., the manager of United Financial’s Artisan Portfolios and Institutional Managed Portfolios, announced Friday its intention to merge these investment products into similar solutions managed by CI Investments.
Under the proposal, Artisan Portfolios will be merged into Portfolio Series, and Institutional Managed Portfolios into Portfolio Select Series.
“The mergers will streamline and simplify our lineup while putting investors into funds that offer enhanced tax efficiency through CI’s Corporate Class structure,” says Derek Green, president and CEO of CI Investments. “Our clients’ overall market exposure will continue to be consistent with their individual preferences.”
In each merger, the assets of the terminating fund will be sold in return for units or shares (as applicable) of the respective continuing CI funds. Each investor will receive their proportionate number of units or shares of the equivalent market value in the continuing CI funds.
Mergers within Portfolio Select Series
In addition, CI is proposing two mergers within the Portfolio Select Series program. Select Income Managed Corporate Class and Select 100i Managed Portfolio Corporate Class will be merged into a new fund, Select Income Advantage Managed Corporate Class. This fund’s portfolio will be managed primarily by Signature Global Advisors, the team that currently manages the portfolio of Select Income Managed Corporate Class, and by Trilogy Global Advisors, LLC. Trilogy will focus on global government bonds.
Each merger is subject to the approval of securityholders of the terminating funds. Approval of regulators, and of the CI board of governors is also required.
Meetings to obtain investor approval will be held in Toronto on August 12.
CI expects to mail meeting materials to investors before July 21.
Subject to obtaining all approvals, the mergers will take effect after the close of business on or about August 13.
Under the United Financial brand name, CI provides a number of investment solutions that are distributed through advisors with Assante Wealth Management.
IE
Latest news In Products
TFSAs, RRSPs and more could see changes in allowed investments
Qualified investments review could lead to lower costs for investors but also restrictions
- By: Melissa Shin
- April 17, 2024 April 17, 2024
- 15:08
OSC still overseeing Emerge Canada as receivable remains unpaid
The regulator's investigation into Emerge Canada is ongoing
- By: Melissa Shin
- April 16, 2024 April 16, 2024
- 10:25
Private markets becoming more accessible, but due diligence needed
Compared to public markets, private markets have less transparency and offer less liquidity
- By: Jonathan Got
- April 12, 2024 April 12, 2024
- 11:39
Real-asset ETFs can diversify tech-heavy portfolios
Regulated rates of return can provide a margin of safety to investors
- By: Rudy Luukko
- April 9, 2024 April 3, 2024
- 13:00
Today's top stories
Feds to give CRA new powers to compel data from taxpayers
The agency could extend reassessment period if a taxpayer is issued a notice of non-compliance
- By: Melissa Shin, Rudy Mezzetta
- April 25, 2024 April 25, 2024
- 16:23
Title protection in Canada must put consumers first
Opinion: To provide clarity and protection to the public, the way forward requires transparency
- By: Tashia Batstone
- April 25, 2024 April 25, 2024
- 16:00
CIRO proposes new fee model
Fees to rise for most firms as minimums go up, certain dealers pay higher share
- By: James Langton
- April 25, 2024 April 25, 2024
- 17:18
Fund costs fell after CRM2
CSA research details the evolution of fund costs in the face of transparency reforms
- By: James Langton
- April 25, 2024 April 25, 2024
- 11:05