CI Fund Management and its wholly owned subsidiary, CI Mutual Funds, announced changes to its organization and the portfolio management of the CI mutual funds.
BPI Global Asset Management, which is 66% owned by CI Fund Management, will be merged with employee-owned Trilogy Advisors. The merged firm will be owned by the principals of BPI and Trilogy; CI is giving up its ownership stake in BPI for undisclosed "financial consideration," according to Murray Oxby, spokesman for CI.
As part of the changes, Trilogy was appointed subadviser to the following mutual funds previously subadvised by BPI: BPI American Equity Fund; BPI American Equity Sector Fund; BPI Global Equity Fund; BPI Global Equity Sector Fund; BPI International Equity Fund; and BPI International Equity Sector Fund. Trilogy also will subadvise the portions of the CI Global Managers Sector Fund and CI American Managers Sector Fund previously advised by BPI.
Trilogy currently subadvises several CI mutual funds with a combined C$4.8 billion (US$3.9 billion) in assets. BPI currently manages C$1.5 billion in assets in several CI mutual and hedge funds.