Portfolio management changes at CI

Toronto-based CI Investments Inc. has appointed new portfolio managers to several of its funds, replacing Toronto-based Sionna Investment Managers Inc. Effective immediately, James Lawson and David Picton of Synergy Asset Management will be lead managers of CI Canadian Small/Mid-Cap Fund. Eric Bushell, who manages CI’s Signature Advisors portfolio-management group, has been appointed lead manager of CI Canadian Asset Allocation Fund. Management of Synergy Canadian Style Management Corporate Class and Synergy Tactical Asset Allocation Fund will be shared by Synergy and Daniel Bubis, president and chief investment officer of Tetrem Capital Partners Ltd. Tetrem will also pick up Sionna’s portion of Select Canadian Equity Managed Corporate Class.

AIC to merge American Focused funds

Burlington, Ont.-based AIC Ltd. has announced plans to merge AIC American Focused Plus Fund into AIC American Focused Fund on or before Dec. 15, pending regulatory approval. The company cites similar investment mandates as the reason for the merger. “We feel this fund merger will benefit unitholders and also enable AIC to achieve some efficiencies,” CIO and CEO Jonathan Wellum said in a release. James Cole, AIC’s senior vice president and portfolio manager, will continue to manage the merged fund.

Northern Rivers launches tax-effective fund

Toronto-based Northern Rivers Capital Management Inc. has introduced Northern Rivers Monthly Income and Capital Appreciation Fund, which is designed to provide investors with a tax-efficient monthly distribution. The fund’s returns are linked to investments in a pool of global large-cap dividend-yielding equities, royalty trusts and fixed-income securities. Cassels Investment Management Inc. and Brookfield Investment Funds Management Inc., both based in Toronto, will share management of the fund. Advisor commissions are up to 5%, with a 1% trailer, for front-end sales; or up to 2%, with a 0.5% trailer, for deferred sales. (The trailer increases to 1% after three years in the DSC option.) Redemptions fees begin at 3% in Year 1 and decline to zero after Year 3. Management fees are 2.1% for A-class units and 1.1% for F-class. Minimum investment is $25,000.

Brandywine to manage CIBC global bond mandates

CIBC Asset Management Inc. has appointed Philadelphia-based Brandywine Global Investment Management to manage its global bond portfolios. Brandywine’s mandates with CIBC now include CIBC Global Bond Fund, Talvest Global Bond Fund, Imperial International Bond Pool, Frontiers Global Bond Pool and the global fixed-income components of several other CIBC funds. Brandywine replaces CIBC Global Asset Management on these retail global fixed-income mandates, although CIBC Global Asset will continue to manage in excess of $38 billion in Canadian fixed-income. In addition, CIBC Asset Management has announced the MER for Talvest Global Bond Fund Class A is being reduced to 1.95%.

IG rolls out three dividend growth funds

Winnipeg’s Investors Group Inc. has introduced three new dividend funds aimed at addressing investors’ need for income-yield diversity and long-term capital growth. The new funds are: Investors Canadian Dividend Growth Fund, Investors U.S. Dividend Growth Fund and Investors European Dividend Growth Fund. All three will invest primarily in companies that are expected to produce greater than average dividend income growth in their respective regions. Advisor commissions are up to 4.1% for deferred sales, with varying trailer
fees according to length of advisor employment. There is no commission on units sold under the no-load option; however, there is a 0.35% trailer payable monthly, based on the average value of all qualified client assets serviced by the IG advisor. Advisors may qualify for additional trailer commissions,
depending on the investment’s duration. Redemption fees begin at 5.5% within the first two years of purchase and decline to zero after Year 7. Management fees are 2%. Minimum investment is $15,000 for investors with no previous investments with the firm.

RBC introduces deposit notes

Royal Bank of Canada has launched RBC Canaccord Independence Income Growth Deposit Notes Series 1 and 2 (Series 2 is no-load). The notes are intended for risk-averse investors looking to diversify their portfolios, RBC says. The principal-protected notes are linked to a portfolio that replicates Canaccord Independence Income Growth Portfolio and, potentially, bonds, as required. Advisor commissions on Series 1 notes are 5%, with a 0.25% trailer. Maximum portfolio fee for Series 1 notes is 2.70% in the first two years, 2.55% every year thereafter; or 2.45% for in the first two years for Series 2 notes and 2.30% thereafter. The notes will be available until Dec. 29. Series 1 notes mature on July 10, 2014; Series 2 notes mature on Oct. 10, 2012. Minimum investment is $5,000.

@page_break@Compiled by Lara Hertel (lhertel@investmentexecutive.com).