RBC Global Services, Institutional & Investor Services announced today an extension of its exclusive outsourcing agreement with C.I. Mutual Funds Inc.

The new and expanded arrangement gives RBC Global Services responsibility for providing outsourcing services for C.I.’s entire $29 billion portfolio of investment funds, making this the largest fund accounting outsourcing arrangement in Canadian history.

C.I. and RBC Global Services first entered into an exclusive outsourcing relationship for custody and fund accounting services in April 2001. With this new agreement, RBC Global Services will provide outsourcing for C.I.’s recently acquired $11 billion portfolio of funds previously managed by Spectrum Investment Management Limited, Clarica Diversico Ltd., Sun Life Financial and Clarica Life and their subsidiaries.

RBC Global Services has already assumed outsourcing responsibility for the funds that were managed by Spectrum, with the transition of the Clarica and Sun Life portfolios currently well underway.

“In the past year, RBC has clearly demonstrated that they can provide us with enhanced reporting capabilities efficiently, helping reduce risks and our operating costs,” said Stephen MacPhail, executive vice-president and chief operating officer at C.I. “Equally important, RBC was able to quickly assume responsibility for the Spectrum funds, and is in the process of converting the Sun Life and Clarica funds.”