C.I. Fund Management Inc. says it has received approvals from its shareholders and The Toronto Stock Exchange to issue approximately 73 million common shares to Sun Life Financial Services of Canada Inc. on closing of C.I.’s acquisition of Spectrum Investment Management Ltd. and Clarica Diversico Ltd.

The shares represent 30% of C.I.’s total outstanding shares after the transaction is completed.

The transaction, which is subject to regulatory approval, is expected to close in late July 2002, following the required notification to unitholders of the Spectrum and Clarica funds.

On completion, C.I. will have over $39 billion in fee-earning assets, including approximately $34 billion in mutual and segregated funds.

As a result, C.I. will become the fourth-largest fund company in Canada, as measured by mutual fund assets under management excluding money market funds.