TSX Symbol: CIX
TORONTO, April 29 /CNW/ - CI Investments Inc. ("CI") today announced
portfolio management changes affecting a number of global equity,
balanced and income mutual funds.
Under the changes, which are effective June 6, 2011, Cambridge Advisors
is being named portfolio manager of four U.S. equity mandates and
Signature Global Advisors is being named portfolio manager of 22 global
equity and income mandates.
"With these changes, we are streamlining the lineup of portfolio
management groups offered by CI and moving funds to two of our
strongest investment teams," said Derek J. Green, CI President. "We
have full confidence that investors will be well served by the
Cambridge and Signature groups."
Cambridge is being appointed portfolio manager of CI American Equity
Fund, CI American Equity Corporate Class, CI Value Trust Corporate
Class and a portion of the portfolio of CI American Managers Corporate
Class, a multi-manager U.S. equity fund. In addition, the names of CI
American Equity Fund and CI American Equity Corporate Class are being
changed to Cambridge American Equity Fund and Cambridge American Equity
Corporate Class, respectively.
Boston-based Cambridge Advisors was founded in January 2008 and manages
approximately $2.3 billion in assets in a number of Canadian and global
equity and asset allocation portfolios. The changes will provide
Cambridge with its first dedicated U.S. equity funds, complementing the
existing Cambridge lineup.
Signature Global Advisors will assume the portfolio management of CI
Emerging Markets Fund, CI Emerging Markets Corporate Class, CI European
Fund, CI European Corporate Class, CI Global Bond Fund, CI Global Bond
Corporate Class, CI Global Fund, CI Global Corporate Class, CI Global
Science & Technology Corporate Class, CI International Fund, CI
International Corporate Class, CI International Balanced Fund, CI
International Balanced Corporate Class, as well as portions of the
following multi-manager funds: CI Income Advantage Fund, Select Income
Advantage Managed Corporate Class, Select International Equity Managed
Fund, Select International Equity Managed Corporate Class and CI Global
Managers Corporate Class. As part of the changes, Signature will no
longer manage a portion of the portfolio of CI American Managers
Corporate Class and these assets will be assigned to the other
portfolio managers of the fund.
In addition, Signature is being appointed portfolio manager of the
following funds that are offered under the United Financial brand:
United Global Fixed Income Pool, United Global Fixed Income Corporate
Class, United Emerging Markets Equity Pool, and United Emerging Markets
Equity Corporate Class.
Signature Global Advisors, a division of CI, currently manages over $28
billion in assets in various Canadian and global equity, balanced and
income funds. The team of 30 investment professionals is led by Chief
Investment Officer Eric Bushell, who was named Morningstar Fund Manager
of the Decade in 2010.
"These funds are a natural fit with Signature's existing mandates and
proven expertise," said Mr. Green. "Signature has spent the past decade
building in-depth global investment capabilities and today manages
approximately $11 billion in foreign securities. Its sector specialists
have travelled extensively and have well-developed relationships with
analysts and companies around the world, including those operating in
With the changes announced today, CI is ending its portfolio management
relationships with Legg Mason Capital Management and Trilogy Global
Advisors. The portfolio management changes will indirectly affect a
number of segregated funds that invest in the affected mutual funds.
Cambridge Advisors is the business name of CI Global Holdings Inc., a
subsidiary of CI Investments. CI is one of Canada's largest investment
management companies. It offers a broad range of investment products
and services, including an industry-leading selection of investment
funds, and is on the Web at www.ci.com. CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent,
Canadian-owned wealth management firm with approximately $98.9 billion
in assets as of March 31, 2011.
SOURCE CI Financial Corp.
For further information:
Derek J. Green
CI Investments Inc.