CC&L Managed Portfolios reorganizes shelf

By Staff | July 18, 2011 | Last updated on July 18, 2011
2 min read

Connor, Clark & Lunn Managed Portfolios has announced a number of changes, including naming Connor, Clark & Lunn Private Capital as the manager of the public mutual funds offered by CC&L Managed Portfolios.

These funds had been managed by the Managed Portfolios division, which will continue to provide asset allocation services to the portfolios. The sub-advisors for each of the various asset classes within the portfolios will remain unchanged.

CC&L Managed Portfolios will seek unitholder approval for the merger of the CC&L Balanced Portfolio into the CC&L Balanced Growth Portfolio. Merging these two portfolios, which have similar investment objectives, will create a single portfolio with almost twice the assets under management, which should allow for greater diversification within the portfolio.

The company is also going to make it a great deal easier to get into its portfolios, slashing the minimum investment from $100,000 to just $25,000 on series A, F, and O units.

Unitholders will be asked to approve a plan to change the basis of the calculation of how expenses are charged to the portfolios by removing for all series the cap on the aggregate of the management fees and ordinary operating expenses. Series I unitholders will be asked to bear their proportionate share of the ordinary operating expenses in each of the portfolios, rather than the manager.

Going forward, the manager may, in its discretion, waive a portion of its management fees payable by a portfolio or absorb expenses in one or more of the portfolios or series.

The company will be terminating the CC&L Money Market Fund.

The unitholder meetings are expected to be held on or about September 15, 2011 and, if approved, the foregoing changes are expected to be implemented on or about October 1, 2011.

Also, effective July 15, 2011, the manager has ceased to offer units of the PI Financial Series. staff


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