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Winnipeg-based Investors Group Inc. (IG) on Wednesday announced plans to merge its Cornerstone Portfolios.

These changes aim to simplify IG’s mutual fund lineup, while also reducing fees for investors, the company says in a news release.

Investors Cornerstone I Portfolio and Investors Cornerstone III Portfolio will merge into Investors Cornerstone II Portfolio, which will be known as Investors Cornerstone Portfolio

The mergers were reviewed and approved by IGs Independent Review Committee , and will take effect as of the close of business on or about Sept. 14.

These mergers qualify as ‘pre-approved’ mergers under securities regulations because they do not involve a substantive change in investment objectives or strategies for securityholders of the merging funds; the continuing fund will have a reduced maximum management fee as compared to the merging funds; and the mergers will occur on a tax-deferred basis.