Toronto-based BMO Harris Investment Management Inc. Friday announced it will make certain change to three of its bond portfolios.
The changes to BMO Harris Canadian Bond Income Portfolio, BMO Harris Canadian Total Return Bond Portfolio and BMO Harris Canadian Corporate Bond Portfolio will be effective on Jan. 25, 2013.
The name of BMO Harris Canadian Bond Income Portfolio will change to BMO Harris Canadian Short-Term Bond Portfolio, and the name of BMO Harris Canadian Total Return Bond Portfolio will change to BMO Harris Canadian Mid-Term Bond Portfolio.
BMO Harris will change the investment strategies of each of the bond portfolios to permit sub-advisor, BMO Asset Management Inc., to select fixed income securities in reference to the characteristics of a relevant bond index for each portfolio.
As well, BMO Harris will change the income distribution policy for BMO Harris Canadian Total Return Bond Portfolio and BMO Harris Canadian Corporate Bond Portfolio to distribute net income, if any, on a monthly basis rather than quarterly.
BMO Harris say it is making the changes as part of a broader redesign of its fixed income platform to deliver produts that are more client-centric and better designed to meet clients’ individual objectives.