Transamerica selects CI as sub-advisor for portfolio program

As of Sept. 21st, CI becomes the new sub-advisor for the portfolios, which were previously managed by an in-house team.

As a result of this change, some of the GIPs available in Transamerica segregated fund contracts will be renamed the Transamerica CI GIPs. Their investment objectives, investment fund category and management fees will not change.

The select GIPs will be renamed as follows:

• TOP Conservative GIP will be renamed Transamerica CI Conservative GIP
• TOP Canadian Balanced GIP will be renamed Transamerica CI Canadian Balanced GIP
• TOP Balanced GIP will be renamed Transamerica CI Balanced GIP
• TOP Growth GIP will be renamed Transamerica CI Growth GIP
• TOP Aggressive Growth GIP will be renamed Transamerica CI Maximum Growth GIP

On Dec. 7th, each designated index for the imaxx TOP Managed Index Interest Options available within certain universal life contracts will be replaced by a respective Transamerica CI Guaranteed Investment Portfolio available within the Transamerica GIF segregated funds contract.

There will be no changes to any contractual features or policy owner benefits as a result of these index substitutions.

The Transamerica CI GIPs will be investing in underlying Transamerica CI Portfolios that will be similar in design and management to the CI Portfolio Series program. Each Transamerica CI Portfolio will invest in a blend of underlying equity and fixed income funds managed by CI Investments managers, including Signature Global Advisors, Harbour Advisors, Cambridge Advisors, Epoch Investment Partners and Altrinsic Global Advisors. A significant portion of the fixed income component of the portfolios will continue to be managed by AEGON Capital Management – the Canadian arm of AEGON Asset Management.

“Transamerica regularly reviews the investment offerings in our segregated funds contracts to make sure we are offering a top quality selection of investments in our fund line-up. Our review of the management of our investment offerings led us to choose CI Investments as the sub-advisor for these portfolios,” said Doug Brooks, president and CEO for Transamerica Life Canada. “We are very excited by this change and believe it is in the best interest of our policyholders.”

The company’s goal was to streamline and strengthen its portfolio offering, Brooks added.

“Transamerica conducted a very thorough review process and CI is extremely pleased to have been selected as sub-advisor for the portfolios,” said Stephen MacPhail, president and CEO of CI Financial.

Added Neal Kerr, senior vice president, CI Investments: “Transamerics’s decision represents a significant new institutional mandate for our business and further builds on the momentum we have been experiencing in this market.”

In addition to these changes, TOP Canadian Managers GIP, TOP U.S. Managers GIP, TOP Global Managers GIP, TOP Global Sectors GIP and TOP Income GIPs, available within certain segregated fund contracts, will be terminated and their assets will be reallocated to a continuing Transamerica CI GIP on Nov. 2nd.

The imaxx TOP Portfolios are also available as mutual fund investments through AEGON Fund Management. There will be no changes to the imaxx TOP Portfolios as a result of these changes by Transamerica. AFM will continue to manage and offer the imaxx TOP Portfolios to its unitholders.