CI Global Asset Management Announces Securityholder Approval of Proposed Mutual Fund and ETF Mergers

TORONTO–(BUSINESS WIRE)–Mar 22, 2022–

CI Global Asset Management (“CI GAM”) announced today that it has received the required securityholder approval to merge 21 mutual funds and six exchange-traded funds.

The mergers were approved at securityholder meetings held this month and will be implemented after the close of business on or about April 8, 2022. Five of the mergers did not require the approval of securityholders.

The mergers, which were first announced in November and December 2021, are part of CI GAM’s strategy to modernize its asset management business. They will result in a streamlined investment fund lineup that aligns with CI GAM’s integrated global investment platform. CI GAM began integrating its former in-house portfolio management boutiques into one team operating under the GI GAM brand in late 2020. The changes ensure that the funds benefit from the full spectrum of resources and global investment expertise at CI GAM, while simplifying CI GAM’s structure and product offering, making it easier for advisors and investors to do business with the company.

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Mutual fund mergers

Having obtained the required securityholder approvals, CI GAM will proceed with the following mutual fund mergers:

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Terminating Fund

Continuing Fund

CI American Managers ® Corporate Class*

CI U.S. Stock Selection Corporate Class*

CI Balanced Yield Private Pool Class*

CI Global Asset Allocation Private Pool

CI Canadian All Cap Equity Income Class*

CI Canadian Equity Income Class* ( to be renamed CI Canadian All Cap Equity Income Class )

CI Canadian Equity Income Fund

CI Canadian All Cap Equity Income Fund

CI Canadian Equity Income Private Pool Class*

CI Canadian Equity Private Pool

CI Canadian Small/Mid Cap Managed Fund*

CI Canadian Small/Mid Cap Equity Income Fund

CI Conservative Balanced Income Class*

CI Canadian Balanced Corporate Class

CI Conservative Balanced Income Fund

CI Canadian Balanced Fund

CI Global Balanced Yield Private Pool

CI Global Asset Allocation Private Pool

CI Global Balanced Yield Private Pool Class*

CI Global Asset Allocation Private Pool

CI Global Dividend Opportunities Class*

CI Global Dividend Opportunities Corporate Class

CI Global Equity Momentum Private Pool*

CI Global Concentrated Equity Private Pool

CI Global Value Balanced Fund

CI Global Income & Growth Fund

CI High Yield Bond Class*

CI High Yield Bond Corporate Class

CI International Equity Income Private Pool Class*

CI International Equity Growth Private Pool

CI International Equity Value Private Pool*

CI International Equity Growth Private Pool

CI Marret Short Duration High Yield Fund*

CI Enhanced Short Duration Bond Fund

CI North American Small/Mid Cap Equity Private Pool*

CI Global Smaller Companies Private Pool

CI U.S. Equity Corporate Class*

CI U.S. Equity Class

CI U.S. Equity Private Pool Class*

CI U.S. Equity Private Pool

CI U.S. Equity Currency Neutral Private Pool Class*

CI U.S. Equity Private Pool

 

*Required securityholder approval.

CI GAM will not be proceeding with the merger of CI Global Equity Income Private Pool Class into CI Global Concentrated Equity Private Pool, and CI Global Equity Income Private Pool Class will continue to be offered to investors.

ETF mergers

CI GAM has also obtained the required securityholder approvals for the following ETF mergers:

Terminating ETF

Ticker

Continuing ETF

Ticker

CI Active Canadian Dividend ETF*

(Common Units)

FDV

CI WisdomTree Canada Quality Dividend Growth Index ETF

(Non-Hedged Units)

DGRC

CI Core Canadian Equity Income Class ETF (ETF Shares)*

CSY

CI MSCI Canada Low Risk Weighted ETF* (Common Units)

RWC

CI Active Credit ETF* (Common Units)

CI Active Credit ETF* (US$ Common Units)

FAO

FAO.U

CI Global High Yield Credit Private Pool (ETF C$ Series)

CI Global High Yield Credit Private Pool (ETF US$ Hedged Series)

CGHY

CGHY.U

CI Active Utility & Infrastructure ETF (Common Units)

FAI

CI Global Infrastructure Private Pool

(ETF C$ Series)

CINF

CI MSCI USA Low Risk Weighted ETF* (Common Units)

CI MSCI USA Low Risk Weighted ETF* (Unhedged Common Units)

RWU

RWU.B

CI WisdomTree U.S. Quality Dividend Growth Index ETF (Hedged Units)

CI WisdomTree U.S. Quality Dividend Growth Index ETF (Non-Hedged Units)

DGR

DGR.B

 

*Required securityholder approval.

To facilitate the merger of CI Active Credit ETF into CI Global High Yield Credit Private Pool, CI GAM is launching ETF C$ Series and ETF US$ Hedged Series units of CI Global High Yield Credit Private Pool. As previously announced, these units will be listed on the Toronto Stock Exchange and commence trading under the ticker symbols CGHY and CGHY.U, respectively, on or about April 8, 2022.

The costs and expenses associated with all mergers are being borne by CI GAM, not the mutual funds or ETFs. The management and administration fees or operating expenses, as applicable, of the continuing funds are the same as or lower than the management fees and administration fees or operating expenses, as applicable, of the corresponding terminating fund.

The Independent Review Committee of the funds reviewed the proposed mergers with respect to potential conflict of interest matters and provided its positive recommendation or approval, as applicable, having determined that the changes achieve a fair and reasonable result for each of the funds.

About CI Global Asset Management

CI Global Asset Management 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 GAM is a subsidiary of CI Financial Corp. (TSX: CIX, NYSE: CIXX), an integrated global asset and wealth management company with approximately $370.2 billion in total assets as at February 28, 2022.

Commissions, trailing commissions, management fees and expenses all may be associated with an investment in mutual funds, including exchange-traded funds (ETFs). Please read the prospectus before investing. Important information about the mutual fund is contained in its prospectus. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.

This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase exchange-traded funds (ETFs) managed by CI Global Asset Management and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies. These investments may not be suitable to the circumstances of an investor. Some conditions apply.

CI Global Asset Management is a registered business name of CI Investments Inc. ©CI Investments Inc. 2022. All rights reserved.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220322005295/en/

CONTACT: Murray Oxby

Vice-President, Corporate Communications

CI Global Asset Management

416-681-3254

moxby@ci.com

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: CI Global Asset Management

Copyright Business Wire 2022.

PUB: 03/22/2022 07:00 AM/DISC: 03/22/2022 07:02 AM

http://www.businesswire.com/news/home/20220322005295/en

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