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