Winnipeg-based Investors Group has announced changes to number of funds following securityholders’ meetings held on Aug. 31.
The firm plans to simplify its mutual fund offering by merging multiple funds and updating investment objectives and strategies to allow flexible asset allocation and improve portfolio management.
Alto Portfolios, for example, will merge into Allegro Portfolios. All proposed mergers are expected to occur Sept. 8.
“Merging the Alto Portfolios into Allegro provides our Alto clients access to a wider range of investment solutions along with dynamic asset allocation capabilities for certain portfolios,” says Todd Asman of executive vice president, products and financial planning, in a statement.
“We are also very pleased to announced that Alain Bergeron of Mackenzie Investments will assume the portfolio construction and asset allocation duties for the Alto Monthly Income Portfolios.”
In a separate meeting yesterday, the following investment objectives were also changed and will be in effect Sept. 6:
> Investors Group will alter the investment objectives for Allegro Portfolios to a dynamic asset allocation strategy. Funds can now invest in fixed income, equity and other asset classes within disclosed ranges.
> Strategy changes for several Investors Group Corporate Classes will occur so that they can invest in corresponding unit trust fund versions.
> Investment objectives for Allegro Balanced Growth Canada Focus Portfolio Class and Allegro Growth Canada Focus Class will be updated to increase geographic diversification.
An entire list of affected funds is available on the firm’s news release.
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