BLC-Edmond de Rothschild Asset Management Inc. received unitholder approval today for the acquisition of three of the funds in the IRIS Group of Funds and for the transfer of an additional eight funds from the IRIS Group of Funds to the R Group of Funds.

Securities regulators have approved the transaction, which is scheduled to take effect on December 31.

Upon the transaction becoming effective, BLC-Rothschild will assume the functions of trustee, manager and investment manager of the extended R Group of Funds, which will now be comprised of 22 funds.

“This transaction demonstrates our company’s determination to quickly reach the critical mass necessary to realize its full growth potential by making all the required investments,” said Jacques Daoust, president and CEO of BLC-Edmond de Rothschild.

The reorganization is expected to produce cost-savings and economies of scale due to the merger of certain funds with overlapping or similar investment objectives. In addition, the resulting funds will each have larger profiles in their respective markets which, it is expected, will enhance the ability of these funds to raise assets and lead to lower overall costs to unitholders.