C.I. Fund Management Inc. says it has received all required regulatory approvals in order to complete its acquisition of Spectrum Investment Management Ltd. and Clarica Diversico Ltd.

The transaction is scheduled to close on July 24, 2002, following the 60 day notification to unitholders of the Spectrum and Clarica funds required by securities regulations. On completion C.I. will become the fourth-largest fund company in Canada, as measured by mutual fund assets under management excluding money market funds.