TSX Symbol: CIX.UN
TORONTO, May 29 /CNW/ - Lakeview Asset Management Inc. ("Lakeview") today
proposed several changes to its mutual funds, including the establishment of
fixed administration fees, which will result in more predictable expenses for
the funds' investors.
Under the proposal, Lakeview will bear all of the future operating
expenses of the funds, other than certain taxes, brokerage and borrowing costs
and certain new governmental fees, in return for the fixed annual
administration fees. Overall, the administration fees are being set at levels
that are lower than the funds' comparable expense ratios in 2006.
With this change, the costs to investors in the Lakeview funds will
become more predictable and transparent. Currently, the operating expenses
paid by the mutual funds are variable and not known to investors until their
financial statements are released.
Fixed administration fees were pioneered by CI Financial Income Fund
("CI"), when they were adopted for mutual funds and investment pools at CI
Investments Inc. and United Financial Corporation in September 2005. Lakeview
became part of the CI Financial group of companies when CI acquired its parent
company, Rockwater Capital Corporation, in April 2007.
"We believe that CI has achieved the industry's lowest overall operating
expenses and we have moved quickly to ensure that Lakeview investors will
benefit from CI's efficiency," said Peter W. Anderson, Chief Executive Officer
of Lakeview and Executive Vice-President of CI.Lakeview is also proposing to:
- Discontinue charging performance fees on Lakeview KBSH Large Cap
Explorer Fund and Lakeview KBSH Small Cap Explorer Fund.
- Change the investment objectives of Lakeview KBSH Large Cap Explorer
Fund to the following: "To obtain maximum long-term capital growth by
investing, directly or indirectly, primarily in equity and equity-
related securities of Canadian companies. Indirect investments may
include convertible securities, derivatives, equity-related
securities and securities of other mutual funds."
- Change the investment objectives of Lakeview KBSH Equity Income
Explorer Fund to the following: "To generate income and long-term
capital growth by investing, directly or indirectly, in a combination
of equity and fixed-income securities of companies located anywhere
in the world. Indirect investments may include convertible
securities, derivatives, equity-related securities and securities of
other mutual funds."The fixed administration fees and the other changes are subject to the
approval of unitholders at special meetings on or about July 13, 2007, in
Toronto. If approved, all changes will take effect on or about August 1, 2007.
Lakeview Asset Management Inc. is an investment management company
offering seven mutual funds under the Lakeview KBSH and Lakeview Disciplined
Leadership banners. Lakeview is controlled by CI Financial Income Fund (TSX:
CIX.UN), an independent, Canadian-owned wealth management firm with
approximately $100 billion in fee-earning assets as of May 9, 2007. CI
Financial 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/cix. More information about the Lakeview funds is available at
www.lakeviewfunds.com.
For further information: Peter W. Anderson, Chief Executive Officer,
(416) 364-1145
