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
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
What we’ve learned from the Emerge ETFs saga
A year after an unprecedented cease-trade order, unitholders are still waiting for answers
- By: Melissa Shin
- March 25, 2024 March 25, 2024
- 14:08
Today's top stories
Budget softens mandatory tax disclosure regime
While financial advisors are still subject to the rules, the budget change could undermine lawyers Charter challenge of the regime
- By: Michael McKiernan
- April 23, 2024 April 23, 2024
- 11:13
Underused housing tax to generate $694 million: PBO report
PBO said the costs to administer the UHT could "significantly reduce" revenue generated
- By: Rudy Mezzetta
- April 19, 2024 April 19, 2024
- 11:35
U.S. election outcome looms large for Canada
Risk of a trade war, inflation, higher interest rates accompanies U.S. vote
- By: James Langton
- April 23, 2024 April 23, 2024
- 16:53
Canada’s investment funds industry can lead in diversity
The result will be greater creativity and resilience
- By: Andy Mitchell
- April 22, 2024 April 22, 2024
- 16:00