BMO Investments shakes up funds

Toronto-based BMO Investments Inc. has announced changes to a number of its mutual funds. BMO Asset Management Inc. (BMOAM) will replace both New York-based Lazard Asset Management (Canada) Inc., the current portfolio manager of BMO Global Absolute Return Fund, and Montreal-based Global Alpha Capital Management Ltd., the current portfolio manager of BMO Global Small Cap Fund, and will assume all portfolio-management duties for both funds. The investment strategies of each fund will be changed to reflect the investment style of BMOAM. Similarly, Lazard no longer will act as portfolio manager for any portion of BMO Global Diversified Fund. There will be no changes to either fund’s investment objectives or strategies as a result of these portfolio manager changes. The changes will be effective on or about July 12. In addition, BMOAM will replace Toronto-based Barrantagh Investment Management Inc. as portfolio manager of BMO Canadian Diversified Monthly Income Fund and BMO Global Diversified Fund, effective July 26. The investment strategies of BMO Bond Fund has been changed to allow greater flexibility to invest in fixed-income securities issued by corporations, in BBB-rated fixed-income securities and in non-investment grade fixed-income securities. These changes will provide the portfolio manager of the fund with a better opportunity to maximize performance.

Compiled by Clare O’Hara (cohara@investmentexecutive.com).