CI Investments is merging three funds. The details are below.
|Terminating fund||Continuing fund|
|CI Alpine Growth Equity Fund||CI Canadian Small/Mid Cap Fund|
|CI U.S. Equity Plus Fund||Cambridge American Equity Corporate Class|
|Signature Diversified Yield Fund||Signature Diversified Yield II Fund|
The company says the mergers of both the CI U.S. Equity Plus and Signature Diversified Yield funds still require unitholder and regulatory approval, so an information circular and proxy form will be mailed to the two funds’ unitholders in June. And meetings have been scheduled for July 3, 2015.
Pending approval, the mergers will take place after the close of business on July 10, 2015.
Meanwhile, the merger of CI Alpine Growth Equity doesn’t require unitholder approval, so will proceed after the close of business on July 10, 2015. The fund’s unitholders will be notified of the change in June.
The company says the mergers will reduce duplication within its fund lineup, and that investors will benefit from holding larger funds with greater market access.
Also, the mergers indirectly affect two segregated funds that currently invest in units of CI Alpine Growth Equity Fund. Following the mutual fund merger, Clarica SF CI Alpine Growth Equity Fund and Clarica SF Growth Fund will invest in units of CI Canadian Small/Mid Cap Fund.