TORONTO, July 9, 2024
/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 September 13, 2024.
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.
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.
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 Montreal.
About BMO Private Wealth
BMO Private Wealth is a brand
name for a business group consisting of Bank of Montreal 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
Montreal. Investment management,
wealth planning, tax planning and philanthropy planning services
are offered through BMO Nesbitt Burns Inc. and BMO Private
Investment Counsel Inc. Estate, trust, and custodial services are
offered through BMO Trust Company. BMO Private Wealth legal
entities do not offer tax advice.
About BMO Financial Group
BMO Financial Group is the
eighth largest bank in North America by assets, with
total assets of $1.4 trillion as of April 30, 2024.
Serving customers for 200 years and counting, BMO is a diverse team
of highly engaged employees providing a broad range of personal and
commercial banking, wealth management, global markets and
investment banking products and services to 13 million customers
across Canada, the United
States, and in select markets globally. Driven by a single
purpose, to Boldly Grow the Good in business and life,
BMO is committed to driving positive change in the world, and
making progress for a thriving economy, sustainable future, and
inclusive society.
"BMO (M-bar roundel symbol)" is a registered trademark of Bank
of Montreal, used under
license.
SOURCE BMO Financial Group