Counsel Portfolio Services Inc. has announced plans to revise the investment objective for Counsel Managed Portfolio and enhance the portfolio design structure for Counsel World Managed Portfolio.

“These proposed changes are designed to increase the level of transparency, flexibility and efficiency of Counsel’s investment solutions,” explained Sam Febbraro, Counsel president and CEO, on Wednesday.

A special meeting of unitholders for Counsel Managed Portfolio will be held on Jan. 25, 2010 to vote on a proposal to change the investment objective of the portfolio. If approved by investors, the company will make the following changes to the portfolio:

1. Its investment objective will change to allow the portfolio to invest its assets either directly, or through securities of other mutual funds. The portfolio’s current investment objectives do not allow it to invest in securities of other mutual funds.

2. Its investment strategy will change to include new underlying funds, which initially will be Counsel Fixed Income, Counsel Canadian Dividend, Counsel U.S. Value, Counsel U.S. Growth, Counsel International Value and Counsel International Growth.

3. Its target asset allocation weights and asset class weighting structure will change.

In addition, a variety of changes will be made in terms of the portfolio’s sub-advisors. Thornmark Asset Management, Inc. will be retained as a portfolio sub-advisor, and in addition to providing asset allocation advice, will implement asset allocation changes by investing a portion of the portfolio’s assets.

Cumberland Private Wealth Management Inc. will no longer provide portfolio sub-advisory services.

Acuity Investment Management Inc. will no longer provide portfolio sub-advisory services for the portfolio’s fixed income mandate. Instead, Acuity will be a sub-advisor to the portfolio’s underlying fund, Counsel Fixed Income.

Leon Frazer & Associates Inc. will no longer provide portfolio sub-advisory services for the portfolio’s Canadian dividend mandate. Instead, Leon Frazer will be a portfolio sub-advisor to the portfolio’s underlying fund, Counsel Canadian Dividend.

Mawer Investment Management Ltd. will no longer provide portfolio sub-advisory services for the portfolio’s international growth mandate. Instead, Mawer will be a sub-advisor to the portfolio’s underlying fund, Counsel International Growth.

Full details of this proposed change will be outlined in the Management Information Circular that will be mailed to all investors of record for Counsel Managed Portfolio in the first week of January.

Counsel Portfolio Services is also making changes to the portfolio design structure for Counsel World Managed Portfolio. Counsel will change the investment strategy by introducing style neutrality to the portfolio’s U.S. and international equities mandates. This will be achieved with the introduction of Counsel U.S. Growth and Counsel International Value as new underlying funds to the portfolio, complementing its current investments in Counsel U.S. Value and Counsel International Growth.

This change will result in a reallocation of the portfolio’s target asset allocation weights and a revision in its asset class weighting structure. In turn, the company expects this to improve the overall diversification of Counsel World Managed Portfolio. This change will take effect on, or about, February 5, 2010.

Counsel also announced on Wednesday that it has retained PanAgora Asset Management, Inc. as the portfolio sub-advisor for Counsel World Managed Portfolio, while Cumberland Private Wealth Management Inc. will no longer provide sub-advisory services, effective in early February 2010. PanAgora will implement asset allocation changes by investing a portion of the portfolio’s assets.

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