(June 21 – 17:10 ET) – C.I. Fund Management Inc. today announced that it has reached an agreement to establish a new portfolio management affiliate led by portfolio manager Derek Webb.
Webb will assume the lead manager duties for the C.I. American Fund. He will also become lead portfolio manager of a new Canadian equity fund and a new global equity fund and its 100% RSP-eligible version. The new funds will be known as Landmark Funds. In addition, he will co-manage a new multi-manager fund, C.I. American Managers Fund, and its 100% RSP-eligible version. C.I. plans to launch the new funds later this summer, subject to regulatory approvals.
“This is a further opportunity to continue adding depth to our already strong lineup of Canadian and global portfolio managers,” Peter W. Anderson, president of C.I. Mutual Funds Inc. said in a press release. “Derek Webb’s long-term track record speaks for itself.”
Prior to joining C.I., Webb managed Canadian and global equity portfolios for AIM Funds Management Inc., achieving top-quartile results. Under his guidance, the firm’s largest Canadian equity fund and its largest global equity fund received five-star ratings from Morningstar Canada. In addition, he managed a global growth fund offered in the United States that also received a five-star Morningstar rating.
“It has always been my intention to build my own money management firm,” Webb said. “I have followed the success of C.I. for several years and strongly believe its model of creating small, independent money management firms provides the best value for investors and shareholders.”
Webb and his team will be based in San Francisco.
Webb’s career includes experience at Citicorp, Salomon Brothers, and Brown Brothers Harriman & Co. In 1992, he joined INVESCO, a sister company to AIM. Webb holds a BA from Dartmouth College, an MBA from the Wharton Business School at the University of Pennsylvania and the chartered financial analyst designation.
-IE Staff