TSX Symbol: CIX
TORONTO, May 27, 2013 /CNW/ - CI Investments Inc. ("CI") today announced a
proposal to merge three funds and change the mandates of three others.
CI is proposing the following mergers:
|Terminating fund |Continuing fund |
|Cambridge Canadian Stock |Cambridge Canadian Equity Corporate Class|
|Fund | |
|CI Japanese Corporate Class|CI Pacific Corporate Class |
|CI U.S. Equity Plus Fund |Cambridge American Equity Corporate Class|
In addition, CI is proposing to change the investment objectives of three
funds from a Canadian-focused mandate to a global mandate: Cambridge High
Income Fund, Signature Canadian Resource Fund and Signature Canadian Resource
Corporate Class. At the same time, the resource funds will be renamed
Signature Global Resource Fund and Signature Global Resource Corporate Class,
"The mandate change will benefit the funds by providing the portfolio managers
with a much wider range of investment choices and the potential for increased
diversification," said Derek J. Green, President of CI Investments.
"Meanwhile, with the mergers, investors will benefit from being part of larger
funds with greater access to investment opportunities, while allowing CI to
streamline its lineup and reduce the duplication of funds."
The changes to the investment objectives are as follows:
|Current investment objective |New investment objective |
|Cambridge High Income Fund |
|To achieve a high level of income |To achieve a high level of income |
|by investing primarily in Canadian|by investing primarily in |
|income trusts, Canadian |fixed-income and high-yielding |
|fixed-income securities and other |equity securities and other |
|Canadian income-producing |income-producing securities |
|securities. |throughout the world. |
|Signature Canadian Resource Fund / Corporate Class |
|To obtain maximum long-term |To obtain maximum long-term |
|capital growth. It invests |capital growth. It invests |
|primarily in equity and |primarily in equity and |
|equity-related securities of |equity-related securities of |
|Canadian companies engaged in or |companies engaged in or related to|
|related to the energy, commodity |the energy, commodity and natural |
|and natural resource industries. |resource industries throughout the|
| |world. |
The changes require the approval of investors in the terminating funds, CI
Pacific Corporate Class, and the funds subject to a change in investment
objectives. Information circulars and proxy forms will be mailed to
securityholders in June and securityholder meetings have been scheduled for
July 22, 2013. Pending approval, the mergers and mandate changes will take
place on or about July 26, 2013.
The CI Investments Board of Governors, acting in its capacity as the
independent review committee for the funds, has reviewed all of the proposed
mergers and mandate changes with respect to conflict of interest issues and
has determined that they achieve a fair and reasonable result for the funds.
The change of investment objective for Signature Canadian Resource Fund
indirectly affects one segregated fund, Clarica SF CI Signature Canadian
Resource Fund, which invests in units of the mutual fund. The change does not
require the approval of investors in the segregated fund. In addition, the
name of the segregated fund will be changed to Clarica SF CI Signature Global
In other developments, CI is changing the name of two funds to better reflect
their mandates, effective July 26, 2013. Harbour Foreign Equity Corporate
Class is being renamed Harbour Global Equity Corporate Class, and Harbour
Foreign Growth & Income Corporate Class will become Harbour Global Growth &
Income Corporate Class.
CI is one of Canada's largest investment management companies. It offers a
broad range of investment products and services, including an industry-leading
selection of investment funds, and is on the Web at www.ci.com. CI is a
subsidiary of CI Financial Corp. (TSX: CIX), an independent, Canadian-owned
wealth management firm with approximately $105.8 billion in assets as of April
Murray Oxby Director, Communications CI Investments (416) 681-3254
SOURCE: CI Investments Inc.
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-0- May/27/2013 19:23 GMT
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