C.I. Mutual Funds Inc., Toronto, hired Royal Trust Corp. of Canada as custodian for C$5.4 billion (U.S. $4 billion) in assets for its 40 mutual funds. The previous custodians were Bank of Nova Scotia and Morgan Stanley & Co. Raymond Chang, C.I. Mutual Funds' president, said the company wanted to switch to one true global custodian for the family, which has C$4 billion in global assets and C$1.4 billion in domestic assets.
The search was done in-house.