CI Mutual Funds Inc. has successfully completed the mergers of seven mutual funds. The mergers were approved by the funds’ securityholders at meetings on May 19.
“The mergers have created larger, more efficient funds, which will benefit their investors,” said Peter Anderson, president and CEO of CI, in a news release “We have also continued to streamline and simplify our lineup, while maintaining an industry-leading selection of funds.”
According to CI, the seven funds that were terminated each had a similar mandate and the same portfolio manager as the fund into which it was merged. Under the changes:
- CI American Growth Fund was merged into CI Value Trust Sector Fund;
- CI American Growth RSP Fund was merged into CI Value Trust RSP Fund;
- CI World Equity Fund was merged into CI Global Value Fund;
- CI European Growth Fund was merged into CI European Fund;
- CI European Growth RSP Fund was merged into CI European RSP Fund;
- CI Canadian Stock Fund was merged into Signature Select Canadian Fund; and
- Synergy Canadian Growth Class was merged into Synergy Canadian Momentum Class.
As a result of the mergers, Insight units of CI American Growth Fund became Insight shares of CI Value Trust Sector Fund. In addition, these mergers resulted in changes to the underlying funds of several SunWise Segregated Funds, though the investment mandates of those funds and the contracts of the segregated fund investors are not affected.
CI also renamed two funds, effective May 21. Synergy Canadian Income Fund was renamed Signature Income & Growth Fund, and Synergy Canadian Small Cap Class was renamed Signature Canadian Small Cap Class.