TORONTO, Aug. 25, 2020 /CNW/ - CI Investments Inc. ("CI") today announced asset allocation and portfolio manager changes for CI Income Fund ("the Fund"), a diversified, multi-manager income solution. The changes will be effective on or about September 14, 2020.
CI Multi-Asset Management, which manages the Fund, recently made the decision to reduce the overall allocation to global infrastructure securities within CI Income Fund and to reallocate those assets toward global real estate and other asset classes. As a result, Signature Global Asset Management ("Signature"), already a portfolio manager of the Fund, will manage a larger portion of CI Income Fund's assets. Signature Portfolio Managers Kate MacDonald and Lee Goldman, both part of the Signature global real estate investment team, will be added as portfolio managers of the Fund.
CI Income Fund is a multi-manager solution that invests primarily in investment-grade fixed-income securities issued by governments and corporations in Canada and globally. The Fund may also invest up to 50% of its assets in other income-generating securities such as preferred shares, common shares and real estate investment trusts.
The Fund is managed utilizing a multi-asset framework that allows investors to benefit from the expertise and specialization of different management teams within a single fund as well as significant diversification benefits by asset class, geography and manager style.
CI Multi-Asset Management actively manages the mandate with a goal to generating incremental excess returns and managing risk, including concentration risk.
Kate MacDonald joined Signature in 2018 as a portfolio manager responsible for a number of dedicated real estate funds as well as real estate allocations across various strategies. Prior to joining Signature, she co-managed real estate portfolios at CI First Asset1 since 2013. Lee Goldman has a successful long-term track record of managing real estate assets, having joined Signature in 2018 following 12 years as a lead manager at CI First Asset.1
Ms. MacDonald and Mr. Goldman join Signature Portfolio Managers Geofrey Marshall, John Shaw, Alexandra Gorewicz, Fernanda Fenton and Kevin McSweeney as portfolio managers of CI Income Fund. Other portfolio managers on the Fund are Robert Swanson2, Brandon Snow and Stephen Groff of Cambridge Global Asset Management, Jon Case of Sentry Investment Management and Adrian Prenc of Marret Asset Management Inc.
As part of this asset mix change, 1832 Asset Management L.P., which had managed a portion of the mandate's global infrastructure sleeve, will no longer be a sub-advisor to the Fund.
The Independent Review Committee of the funds has reviewed the portfolio management changes with respect to potential conflict of interest matters and provided its positive recommendation, having determined that they achieve a fair and reasonable result for the Fund.
About CI Investments
CI Investments is one of Canada's largest investment management companies. It offers a wide range of investment products and services and is on the Web at www.ci.com. CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent company offering global asset management and wealth management advisory services with approximately $187 billion in total assets as at July 31, 2020.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
CI Multi-Asset Management, CI First Asset, Signature Global Asset Management and Cambridge Global Asset Management are divisions of CI Investments Inc. Certain funds associated with Signature Global Asset Management and Cambridge Global Asset Management are sub-advised by CI Global Investments Inc., a firm registered with the U.S. Securities and Exchange Commission and an affiliate of CI Investments Inc. Marret Asset Management Inc., is a majority owned subsidiary of CI Financial Corp. and an affiliate of CI Investments Inc.
CI Investments and the CI Investments design are registered trademarks of CI Investments Inc.
©CI Investments Inc. 2020. All rights reserved.
First Asset Capital Corp., prior to its acquisition by CI Financial Corp., an affiliate of CI Investments Inc.
Associated with CI Global Investments Inc., a firm registered with the U.S. Securities and Exchange Commission and an affiliate of CI Investments Inc.
SOURCE CI Investments Inc.
For further information: Murray Oxby, Vice-President, Communications, CI Investments Inc., 416-681-3254, [email protected]