Apr. 29, 2011 (Canada NewsWire Group) --
TSX Symbol: CIX
TORONTO, April 29 /CNW/ - CI Investments Inc. ("CI") today announced portfolio management changes affecting a number of global equity, balanced and income mutual funds.
Under the changes, which are effective June 6, 2011, Cambridge Advisors is being named portfolio manager of four U.S. equity mandates and Signature Global Advisors is being named portfolio manager of 22 global equity and income mandates.
"With these changes, we are streamlining the lineup of portfolio management groups offered by CI and moving funds to two of our strongest investment teams," said Derek J. Green, CI President. "We have full confidence that investors will be well served by the Cambridge and Signature groups."
Cambridge is being appointed portfolio manager of CI American Equity Fund, CI American Equity Corporate Class, CI Value Trust Corporate Class and a portion of the portfolio of CI American Managers Corporate Class, a multi-manager U.S. equity fund. In addition, the names of CI American Equity Fund and CI American Equity Corporate Class are being changed to Cambridge American Equity Fund and Cambridge American Equity Corporate Class, respectively.
Boston-based Cambridge Advisors was founded in January 2008 and manages approximately $2.3 billion in assets in a number of Canadian and global equity and asset allocation portfolios. The changes will provide Cambridge with its first dedicated U.S. equity funds, complementing the existing Cambridge lineup.
Signature Global Advisors will assume the portfolio management of CI Emerging Markets Fund, CI Emerging Markets Corporate Class, CI European Fund, CI European Corporate Class, CI Global Bond Fund, CI Global Bond Corporate Class, CI Global Fund, CI Global Corporate Class, CI Global Science & Technology Corporate Class, CI International Fund, CI International Corporate Class, CI International Balanced Fund, CI International Balanced Corporate Class, as well as portions of the following multi-manager funds: CI Income Advantage Fund, Select Income Advantage Managed Corporate Class, Select International Equity Managed Fund, Select International Equity Managed Corporate Class and CI Global Managers Corporate Class. As part of the changes, Signature will no longer manage a portion of the portfolio of CI American Managers Corporate Class and these assets will be assigned to the other portfolio managers of the fund.
In addition, Signature is being appointed portfolio manager of the following funds that are offered under the United Financial brand: United Global Fixed Income Pool, United Global Fixed Income Corporate Class, United Emerging Markets Equity Pool, and United Emerging Markets Equity Corporate Class.
Signature Global Advisors, a division of CI, currently manages over $28 billion in assets in various Canadian and global equity, balanced and income funds. The team of 30 investment professionals is led by Chief Investment Officer Eric Bushell, who was named Morningstar Fund Manager of the Decade in 2010.
"These funds are a natural fit with Signature's existing mandates and proven expertise," said Mr. Green. "Signature has spent the past decade building in-depth global investment capabilities and today manages approximately $11 billion in foreign securities. Its sector specialists have travelled extensively and have well-developed relationships with analysts and companies around the world, including those operating in emerging markets."
With the changes announced today, CI is ending its portfolio management relationships with Legg Mason Capital Management and Trilogy Global Advisors. The portfolio management changes will indirectly affect a number of segregated funds that invest in the affected mutual funds.
Cambridge Advisors is the business name of CI Global Holdings Inc., a subsidiary of CI Investments. CI is one of Canada's largest investment management companies. It 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. CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent, Canadian-owned wealth management firm with approximately $98.9 billion in assets as of March 31, 2011.
Derek J. Green
CI Investments Inc.