Toronto-based CI Investments Inc. (CI) on Wednesday announced plans to merge six mutual funds to reduce duplication and help simplify its roster.
The continuing funds will also benefit from larger asset bases that are expected to provide more portfolio diversification opportunities, CI says in a news release.
The mergers of Signature High Yield Bond Fund into Signature High Yield Bond II Fund and Synergy Tactical Asset Allocation Fund into Signature Income and Growth Fund don’t require securityholder approval. The funds will be updated at the close of business on Nov. 3.
The rest of the suggested mergers will require securityholder approval. CI will mail meeting material to securityholders in September and meetings will begin Oct. 26. Pending approval, the mergers will occur Nov. 3.
CI’s board of governors has reviewed the proposed mergers, determined that there’s no potential conflict of interest and offered a positive recommendation.
A full list of affected funds is available in the firm’s news release.
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