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Friday, September 06, 2002

Canadian Firm Trims Roster

by: Sean Hanna, Editor in Chief

Canadian fund firm CI Mutual Funds is merging 33 funds as part of a reorganization of its product line following a pair of acquisitions. Earlier this week the firm also changed the name of some of its funds and changed some portfolio managers.

Peter Anderson, president of the Toronto-based firm, explained the merging of the 33 funds will eliminate overlapping products. Most of the funds being merged were recently acquired. However, 10 of the funds are CI products that have failed to catch on with investors.

A handful of those funds are sector funds, including funds specializing in technology.

"These mergers will simplify choices for investors and result in lower costs for the funds' unitholders," he explained

CI Fund Management purchased Spectrum Investment Management from Clarica Life earlier this year (the deal closed on July 25). It also purchased the segregated fund business from Sun Life Assurance Company of Canada.

The mergers need approval of fund shareholders. CI has scheduled a special meeting for October 10 and plans to complete the mergers on October 11 if they are approved.  

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