CI Global Asset Management (CI GAM) announced two fund mergers on Monday.
In a release, the firm announced the termination of the Cambridge Monthly Income Fund and the Cambridge Monthly Income Corporate Class, both of which will be merged into the Cambridge Global High Income Fund.
The termination of the Cambridge Monthly Income Fund does not require regulatory or unitholder approval and is expected to take place on July 23.
A unitholder meeting to approve the termination of the Cambridge Monthly Income Corporate Class has been scheduled for July 12.
CI GAM said the fund mergers will “reduce duplication in its fund lineup” and “create larger, more efficient funds with increased potential for diversification opportunities.”
For further details on the mergers, see CI’s release.
Also on Monday, CI GAM announced it was renaming two funds.
Effective May 7, the First Asset REIT Income Fund will be renamed CI Canadian REIT Fund and the First Asset Canadian Convertible Bond Fund will be renamed CI Canadian Convertible Bond Fund.