CI Investments announces proposed fund mergers

TSX Symbol: CIX

TORONTO, June 11 /CNW/ - CI Investments Inc. ("CI"), the manager of United Financial's Artisan Portfolios and Institutional Managed Portfolios, announced today its intention to merge these investment products into similar solutions managed by CI Investments.

Under the proposal, Artisan Portfolios will be merged into Portfolio Series and Institutional Managed Portfolios into Portfolio Select Series, as described below:

    
    Merger of Artisan Portfolios with Portfolio Series
    -------------------------------------------------------------------------
    Terminating fund                      Continuing fund
    -------------------------------------------------------------------------
    Artisan Most Conservative Portfolio   Portfolio Series Conservative Fund
    -------------------------------------------------------------------------
    Artisan Conservative Portfolio        Portfolio Series Conservative
                                           Balanced Fund
    -------------------------------------------------------------------------
    Artisan Moderate Portfolio            Portfolio Series Balanced Fund
    -------------------------------------------------------------------------
    Artisan Growth Portfolio              Portfolio Series Balanced Growth
                                           Fund
    -------------------------------------------------------------------------
    Artisan High Growth Portfolio         Portfolio Series Growth Fund
    -------------------------------------------------------------------------
    Artisan Maximum Growth Portfolio      Portfolio Series Maximum Growth
                                           Fund
    -------------------------------------------------------------------------
    Artisan Canadian T-Bill Portfolio     CI Money Market Fund
    -------------------------------------------------------------------------
    Artisan New Economy Portfolio         Portfolio Series Maximum Growth
                                           Fund
    -------------------------------------------------------------------------


    Merger of Institutional Managed Portfolios with Portfolio Select Series

    -------------------------------------------------------------------------
    Terminating fund                      Continuing fund
    -------------------------------------------------------------------------
    Institutional Managed Income Pool     Select Income Advantage Managed
                                           Corporate Class
    -------------------------------------------------------------------------
    Institutional Managed Canadian        Select Canadian Equity Managed
     Equity Pool                           Corporate Class
    -------------------------------------------------------------------------
    Institutional Managed US Equity Pool  Select US Equity Managed Corporate
                                           Class
    -------------------------------------------------------------------------
    Institutional Managed International   Select International Equity Managed
     Equity Pool                           Corporate Class
    -------------------------------------------------------------------------
    

"The mergers will streamline and simplify our lineup while putting investors into funds that offer enhanced tax efficiency through CI's Corporate Class structure," said Derek J. Green, President and Chief Executive Officer of CI Investments. "Our clients' overall market exposure will continue to be consistent with their individual preferences."

In each merger, the assets of the terminating fund will be sold in return for units or shares (as applicable) of the respective continuing CI funds. Each investor will receive their proportionate number of units or shares of the equivalent market value in the continuing CI funds.

Mergers within Portfolio Select Series

In addition, CI is proposing two mergers within the Portfolio Select Series program. Select Income Managed Corporate Class and Select 100i Managed Portfolio Corporate Class will be merged into a new fund, Select Income Advantage Managed Corporate Class. This fund's portfolio will be managed primarily by Signature Global Advisors, the award-winning team that currently manages the portfolio of Select Income Managed Corporate Class, and by Trilogy Global Advisors, LLC. Trilogy will focus on global government bonds.

Each merger is subject to the approval of securityholders of the terminating funds. Approval of regulators, and of the CI Board of Governors, which acts as the Independent Review Committee for the United and CI funds, is also required. Meetings to obtain investor approval will be held in Toronto on August 12, 2010. CI expects to mail meeting materials to investors before July 21, 2010. Subject to obtaining all approvals, the mergers will take effect after the close of business on or about August 13, 2010.

Under the United Financial brand name, CI provides a number of investment solutions that are distributed through advisors with Assante Wealth Management.

CI Investments Inc. 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 $87.5 billion in fee-earning assets as of May 31, 2010.

For further information: Murray Oxby, Director, Communications, [phone]