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The recent spate of bad economic news is being blamed for the sharp drop in American consumer confidence for June, according to the most recent results of the RBC CASH (Consumer Attitudes and Spending by Household) Index.

Led by a noticeable decrease in consumers’ excitement about current economic conditions, the RBC CASH Index stands at 34.3, an 8.7 point decline from May’s 43.0 reading, but nearly 33 points above the all-time low of 1.6 observed in February 2009.

Despite current financial woes, the report found that increasing numbers of Americans are starting to believe the worst is behind them. Expectations regarding personal economic security have held steady since May and consumer pessimism also remains fairly low with only 14% of Americans saying they expect their personal financial situation to weaken over the next six months.

The RBC CASH Index is a monthly national survey of consumer attitudes on the current and future state of local economies, personal finance situations, savings and confidence to make large investments.

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CI plans to merge funds

CI Investments today announced a plan to streamline its mutual fund lineup by merging 16 mutual funds into similar mandates.

In addition, CI intends to reduce the annual management fees of Signature Corporate Bond Fund and Signature Corporate Bond Corporate Class to 1.70% from 2.0% for Class A and to 0.85% from 1.50% for Class F.

“The current economic environment obliges us to seek improved efficiencies wherever possible,” said Peter W. Anderson, CI chief executive officer.

The funds being merged have small asset bases and/or similar mandates to the respective continuing fund

The proposed mergers are as follows:

• Blackmont Corporate Bond Fund into the Signature Corporate Bond Corporate Class • CI Global Balanced Corporate Class into the CI International Balanced Corporate Class • CI Global Biotechnology Corporate Class into the CI Global Health Sciences Corporate Class • CI Global Consumer Products Corporate Class into the CI Global Value Corporate Class • CI Global Financial Services Corporate Class into CI Global Value Corporate Class • Knight Bain Canadian Bond Fund into Signature Canadian Bond Fund • Knight Bain Corporate Bond Fund into Signature Canadian Bond Fund • Knight Bain Diversified Monthly Income Fund into Signature Global Income & Growth Fund • Knight Bain Pure Canadian Equity Fund into Signature Select Canadian Fund • Knight Bain Small Cap Fund into CI Can-Am Small Cap Corporate Class • Signature Canadian Asset Allocation Fund into Signature Canadian Balanced Fund • Synergy Canadian Style Management Corporate Class into Synergy Canadian Corporate Class • Synergy Focus Canadian Equity Fund into Synergy Canadian Corporate Class • Synergy Focus Global Equity Fund into Synergy Global Corporate Class • Synergy Global Style Management Corporate Class into Synergy Global Corporate Class • Signature Long-Term Bond Fund into Signature Canadian Bond Fund

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Clarington fund mergers approved

IA Clarington Investments, today announced that the merger of Focused 40 Income Fund and Clarington Diversified Income + Growth Fund, which were announced in March, 2009 have been approved by investors in the funds.

Beginning June 26, 2006 the terminating funds will be merged into IA Clarington Diversified Income Fund.

Clarington expects that the terminating funds will be delisted from the Toronto Stock Exchange effective June 15, 2009.

The mergers will take place on or about June 26, 2009, and each of the terminating funds will be wound up immediately after the mergers.

(06/11/09)