BMO proposes merging two funds

BMO Private Investment Counsel Inc. (BPIC) is proposing to merge its BMO Private Canadian Growth Equity Portfolio into its BMO Private Canadian Conservative Equity Portfolio.

If it gets regulatory approval, the merger is planned for July 8, 2016. From then on, the fund would be known as the BMO Private Canadian Core Equity Portfolio.

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As a provider of discretionary investment management services, BPIC will be applying to securities regulators for relief from the requirement to obtain unitholder approval of the proposed merger and for regulatory approval.

The funds’ Independent Review Committee approved the merger after determining it would achieve a fair and reasonable result.

The primary purpose of the merger is to streamline BPIC’s investment products and to achieve economies of scale. Should the merger be approved, BMO Private Canadian Growth Equity Portfolio fund holders will receive units of the BMO Private Canadian Conservative Equity Portfolio, determined on a dollar-for-dollar and tax-deferred basis.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.