(May 5 – 11:30ET) – C.I. Fund Management Inc. says it has successfully completed the integration of the back-office operations of C.I. Mutual Funds and BPI Mutual Funds, a move that will allow the company to reduce the operating expenses of its funds.
The latest changes involved the transfer of BPI unit-holder accounts to the C.I. record-keeping system and the merger of the two companies’ administration and client services departments, which had been operated separately since C.I. acquired BPI Financial Corp. in August 1999.
The former BPI Mutual Funds had an average operating expense of over 50 basis points before the acquisition by C.I. last year. Now, C.I. expects to reduce the average operating expense of those funds by over 40% to below 30 basis points.
“C.I. is committed to providing its fund investors with one of the lowest-cost operations in Canada,” said Stephen MacPhail, C.I.’s chief operating officer. He also noted that C.I. completed the integration of BPI’s operations in just eight months.
C.I. also announced today that its net sales for April 2000 were $506 million, bringing its net sales for the year-to-date to $3.6 billion.
-IE Staff