BMO Private Investment Counsel Inc. (BPIC) announced a merger of two bond funds on Friday.

In a release, BPIC said it was terminating the BMO Private Canadian Short-Term Bond Portfolio and merging the fund with the BMO Private Canadian Mid-Term Bond Portfolio.

The merged fund will be renamed the BMO Private Canadian Short-Mid Bond Portfolio, the release said. The merger is expected to be completed by July 9, pending regulatory approval.

The release said the merger is intended to “streamline BPIC’s product offering, achieve economies of scale and provide diversification benefits to unitholders.”