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BMO Private Investment Counsel Inc. Announces Proposed Fund Merger
BMO Private Investment Counsel Inc. Announces Proposed Fund Merger Canada NewsWire ...
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[{"type":"text","content":"\n \n \n \n BMO Private Investment Counsel Inc. Announces Proposed Fund Merger\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 9, 2024\n \n \n /CNW/ - BMO Private Investment Counsel Inc. (\"BPIC\"), the manager of BMO Private Canadian Corporate Bond Portfolio (the \"Terminating Fund\") and BMO Private Canadian Bond Portfolio (the \"Continuing Fund\") (collectively, the \"Portfolios\"), today announced a proposal to merge the Terminating Fund into the Continuing Fund (the \"Proposed Merger\"). The Proposed Merger is intended to be effective on or about\n \n September 13, 2024\n \n .\n \n \n The Independent Review Committee of the Terminating Fund approved the Proposed Merger after determining that the Proposed Merger, if implemented, would achieve a fair and reasonable result for the Terminating Fund.\n \n \n The purposes of the Proposed Merger are to streamline BPIC's product offering, achieve economies of scale and provide diversification benefits to unitholders. Upon completion of the Proposed Merger, holders of units of the Terminating Fund will receive units of the Continuing Fund, determined on a dollar-for-dollar and tax-deferred basis. Following completion of the Proposed Merger on or about the Effective Date, BPIC intends to wind-up the Terminating Fund as soon as reasonably possible.\n \n \n BMO Private Portfolios are managed by BMO Private Investment Counsel Inc., which is an investment fund manager and a separate legal entity from Bank of\n \n Montreal\n \n .\n \n \n \n About BMO Private Wealth\n \n \n BMO Private Wealth is a brand name for a business group consisting of Bank of\n \n Montreal\n \n and certain of its affiliates in providing private wealth management products and services. Not all products and services are offered by all legal entities within BMO Private Wealth. Banking services are offered through Bank of\n \n Montreal\n \n . Investment management, wealth planning, tax planning and philanthropy planning services are offered through BMO Nesbitt Burns Inc. and BMO Priv...