(July 24 – 16:45 ET) – C.I. Mutual Funds Inc. says it has successfully completed the merger of 17 funds, and closed three others to new investments.
“This move reduces duplication and streamlines our mutual fund lineup, while giving our investors the benefit of stronger, more efficient funds,” said Peter W. Anderson, C.I. president.
The mergers follow the acquisition in August 1999 of BPI Financial Corp. by C.I.’s parent company, C.I. Fund Management Inc. Securityholders of the funds approved the mergers at meetings held on May 26 in Toronto.
The following mergers were effective July 7.
Harbour Explorer Fund, Harbour Mid-Cap Fund and BPI Canadian Mid-Cap Fund were merged into BPI Canadian Small Companies Fund, which was renamed Signature Explorer Fund. Harbour Mid-Cap Sector Shares were merged into Harbour Explorer Sector Shares, which were renamed Signature Explorer Sector Shares. Signature Canadian Balanced Fund was merged into BPI Income & Growth Fund, which was renamed Signature Canadian Balanced Fund.
C.I. Asian Fund (formerly Hansberger Asian Fund) and BPI Asia Pacific Fund were merged into C.I. Pacific Fund. C.I. Asian Sector Shares (formerly Hansberger Asian Sector Shares) were merged into the C.I. Pacific Sector Shares. C.I. Developing Markets Fund (formerly Hansberger Developing Markets Fund) and BPI Emerging Markets Fund were merged into the C.I. Emerging Markets Fund. C.I. Developing Markets Sector Shares (formerly Hansberger Developing Markets Sector Shares) were merged into the C.I. Emerging Markets Sector Shares.
C.I. Global Resource Sector Shares were merged into C.I. Global Energy Sector Shares. BPI Canadian Bond Fund was merged into C.I. Canadian Bond Fund. C.I. Global High Yield Fund was merged into C.I. World Bond Fund. BPI Global RSP Bond Fund was merged into C.I. Global Bond RSP Fund.
The following mergers were effective July 14.
BPI T-Bill Fund was merged into C.I. Money Market Fund. BPI U.S. Money Market Fund was merged into C.I. US Money Market Fund.
In addition, the following funds have been capped, or closed to new investments: BPI Canadian Resource Fund Inc.; C.I. Global Small Cap Fund and C.I. Global Small Cap Sector Shares.
C.I. expects to complete the merger of C.I. Global Small Cap Fund into Signature Global Small Companies Fund and the merger of C.I. Global Small Cap Sector Shares into Signature Global Small Companies Sector Shares before December 31. The three funds will continue to be actively managed. C.I. says capping them reduces their operating expenses.
-IE Staff