TORONTO, Aug. 4 /CNW/ - BMO Investments Inc. has received securityholder
approval to proceed with the proposed changes announced on June 18, 2009, to
the BMO Income Trust Fund and BMO International Equity Fund.
As of close of business on July 31, 2009, the portfolio manager of BMO
Income Trust Fund became Macquarie Capital Investment Management LLC and the
fund's name has changed to BMO Global Infrastructure Fund to reflect the
changes in its investment objectives.The fund will now invest primarily in
companies that operate in, or are expected to benefit from,
infrastructure-related businesses from around the world. "Infrastructure is a
compelling, long-term investment opportunity offering the potential for stable
income, capital growth and diversification" said Linda Knight, President and
Chief Operating Officer, BMO Investments Inc.
In addition, as of the close of business on July 31, 2009, BMO
International Equity Fund has been merged into BMO International Value Class.
BMO International Value Class is a class of shares of BMO Global Tax Advantage
Funds Inc., a mutual fund corporation which allows shareholders to switch
among other classes of BMO Global Tax Advantage Funds Inc. on a tax-deferred
basis. Unitholders of the BMO International Equity Fund will receive shares of
BMO International Value Class.
The investment strategies used by Pyrford International Limited
("Pyrford"), the portfolio manager of BMO International Value Class, are well
suited to the fund's investment objective of investing primarily in equity
securities of established companies located outside of Canada and the United
States. Pyrford uses a number of investment strategies to achieve the fund's
objective, including investing in equity securities of established companies
trading at a discount to their long term value, which trade on recognized
exchanges in countries around the world.
Pyrford is a wholly-owned, indirect subsidiary of Bank of Montreal, the
parent company of BMO Investments Inc. Pyrford is a provider of international
asset management services for pension funds, charities, endowments,
foundations and high net worth individuals. The company has been operating
from its London, UK base since 1987. Pyrford had USD $2 billion in assets
under management as at December 31, 2008.
About BMO Investments Inc.
BMO Investments Inc. is a member of the BMO Financial Group and part of
the organization's Private Client Group. The Private Client Group provides
integrated wealth management services in Canada and the United States and had
total assets under management and administration and term investments of $273
billion as at April 30, 2009.
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