BMO Investments has announced changes to its portfolio managers and investment strategies, as well as proposed changes to investment objectives.
BMO Asset Management will replace Lazard Asset Management (Canada), the current portfolio manager of BMO Global Absolute Return Fund, and Global Alpha Capital Management, the current portfolio manager of BMO Global Small Cap Fund, and will assume all portfolio management duties in relation to both funds.
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The investment strategies of each fund will be changed to reflect the investment style of BMOAM. These changes will be effective on or about 12 July, 2013.
In addition, effective on or about 26 July, 2013, Barrantagh Investment Management Inc. will no longer act as portfolio manager for any portion of BMO Canadian Diversified Monthly Income Fund and BMO Global Diversified Fund. Similarly, Lazard Asset Management (Canada) will no longer act as portfolio manager for any portion of BMO Global Diversified Fund. There will be no changes to either fund’s investment objectives or strategies as a result of these portfolio manager changes.
The details of these proposals will be provided to investors of the Funds in an information circular and proxy package that will be mailed to unitholders of record in late June 2013. Pending investor approval at special unitholder meetings, scheduled for July 2013 in Toronto, the proposed changes will take effect in July 2013.
If the above amendments to the investment objectives are approved by the Funds’ unitholders, the investment strategies of each Fund will be revised to reflect the new investment objectives. In addition, BMOAM will replace BMO Asset Management Corp. as portfolio manager of BMO US Dollar Equity Index Fund and Guardian Capital LP will replace BMO AM Corp. as portfolio manager of BMO Global Science and Technology Fund. The names of BMO US Dollar Equity Index Fund and BMO Global Science and Technology Fund will also be changed.
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By GlobalDataChanges to Investment Strategies
Effective 31 May, 2013, the investment strategies of BMO Bond Fund will change in order to allow greater flexibility to invest in fixed-income securities issued by corporations, BBB rated fixed-income securities and non-investment grade fixed-income securities. These changes will provide the portfolio manager of the fund with a better opportunity to maximize performance.
