Shepell-fgi announces acquisition by Morneau Sobeco Income Fund



    
    -   Transaction brings together leaders in both health & productivity
        services and pensions & benefits
    

    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED
    STATES/

    TORONTO, May 12 /CNW/ - Shepell-fgi and Morneau Sobeco Income Fund (TSX:
MSI.UN) announced today that they have entered into an agreement to join
together to offer an enhanced range of health and productivity solutions to
Canadian employers.
    Together, Shepell-fgi and Morneau Sobeco creates a dynamic organization
with enhanced growth opportunities. Shepell-fgi and Morneau Sobeco will offer
clients a more complete range of solutions to meet emerging human resources
needs in the coming years by leveraging and maintaining the established
expertise of both firms. The acquisition doubles the size of the company in
both revenues and employee base.
    According to Rod Phillips, President and CEO of Shepell-fgi: "We are
convinced that the issues facing employers today and tomorrow call for a focus
on improving health and productivity. Our business will thrive by having the
right people, the right offerings, the right technology, and the right
approach. I am excited by the opportunities presented by a partnership with an
industry leader like Morneau Sobeco."
    William Morneau, Chairman and Chief Executive Officer of Morneau Sobeco,
adds: "Employers face increasing challenges in managing the health and
productivity of their workforce. Shepell-fgi's recognized leadership in
workplace health and productivity solutions will complement our firm's
leadership in pensions and benefits, and thereby serve a broader spectrum of
organizations' human resource management needs."
    Morneau Sobeco and Shepell-fgi will maintain their existing leadership
teams and brand identities, and will continue using their current client
service models. Morneau Sobeco and Shepell-fgi will continue to serve their
clients independently.

    About Shepell-fgi
    -----------------
    Shepell-fgi is Canada's leading provider of health and productivity
solutions, including prevention-focused Employee Assistance Programs, Employee
Health Management and Workplace Training and Education. In business for
28 years, the company has 1,150 employees and services over eight million
employees and their families across Canada, the United States and
internationally. Shepell-fgi has its head office in Toronto and has regional
offices in Halifax, Montréal, Ottawa, Winnipeg, Calgary, Edmonton and
Vancouver, as well as U.S. offices in San Francisco, Minneapolis, and suburban
New York City. Further information about Shepell-fgi can be obtained on the
firm's web site at www.shepellfgi.com.

    About Morneau Sobeco
    --------------------
    Morneau Sobeco is the largest Canadian-owned pension and benefits
consulting and outsourcing firm, providing services to organizations across
Canada and in the United States. With over 1,200 employees in offices in
12 cities across North America, Morneau Sobeco has focused on the integrated
design and delivery of pension and benefit plans for over 40 years. Units of
Morneau Sobeco Income Fund trade on the Toronto Stock Exchange under the
symbol MSI.UN. Further information about Morneau Sobeco can be obtained on the
firm's web site at www.morneausobeco.com.





For further information:

For further information: Karen Seward, (416) 355-5410,
kseward@shepellfgi.com

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SHEPELL-FGI

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