CI GAM launches Bitcoin mutual fund

Toronto-based CI Global Asset Management (CI GAM) announced the launch of the CI Bitcoin Fund on Monday.

The new fund — the first mutual fund of its kind in North America, according to a release — invests in the CI Galaxy Bitcoin ETF, which invests directly in Bitcoin with its holdings priced using the Bloomberg Galaxy Bitcoin Index.

The mutual fund is available in series A, F and P units, with management fees ranging from 0.4% for series F (the same as the CI Galaxy Bitcoin ETF) to 0.9% for series A.

In addition to the mutual fund and ETF, CI GAM also launched a closed-end Bitcoin fund in December 2020 and has filed a prospectus for an Ethereum ETF.

“In offering a broad suite of crypto products, we are truly democratizing access to Bitcoin and other digital assets,” Kurt MacAlpine, CEO of CI Financial Corp., said in a statement.

Also on Monday, CI Financial announced it had reached a deal to acquire full ownership of Lawrence Park Asset Management, a Toronto-based alternative investment firm specializing in fixed income.

Lawrence Park manages the CI Lawrence Park Alternative Investment Grade Credit Fund, available as a liquid alternative mutual fund and ETF, as well as the Lawrence Park Credit Strategies Fund, which is available to accredited investors.

CI owned a minority stake in Lawrence Park before announcing it had reached a deal to fully acquire the company. Terms of the transaction, which is expected to close later this quarter, were not disclosed.

“The Lawrence Park team has decades of experience in fixed-income markets and alternative investing, and has been a valued partner for CI since 2012. We are thrilled to finally bring that expertise in-house,” MacAlpine said.

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