Toronto-based BMO Insurance introduced two funds to its guaranteed investment fund (GIF) portfolio on Monday.
The BMO Concentrated Global Equity GIF invests directly in a mutual fund with the same name. The fund focuses on 20 to 25 high-quality companies, a BMO release said. The BMO Concentrated Global Balanced GIF includes a fixed income component for more risk-averse investors.
“The recent market correction demonstrates the importance of having a diversified, global investment strategy to grow and protect wealth,” said Steven Cooney, senior vice-president and head of individual life and annuities at BMO Insurance, in a statement.
The firm also said Monday that it’s extending the death benefit guarantee on GIF deposits to age 85, up from 80.