BMO Private Investment Counsel Announces Proposed Merger to Streamline Product Offering and Enhance Benefits for Unitholders
BMO Private Investment Counsel Inc. (BPIC) has recently unveiled its proposal to merge the BMO Private Canadian Corporate Bond Portfolio (Terminating Fund) into the BMO Private Canadian Bond Portfolio (Continuing Fund). The merger, set to take effect on or about September 13, 2024, aims to streamline BPIC’s product offering, achieve economies of scale, and provide diversification benefits to unitholders.
The Independent Review Committee of the Terminating Fund has given its approval for the Proposed Merger, after careful consideration of the potential outcomes. The committee determined that the merger, if implemented, would result in a fair and reasonable outcome for the Terminating Fund.
Upon completion of the merger, holders of units in the Terminating Fund will receive units in the Continuing Fund on a dollar-for-dollar and tax-deferred basis. BPIC plans to wind up the Terminating Fund as soon as reasonably possible following the merger’s completion.
BMO Private Portfolios are managed by BMO Private Investment Counsel Inc., a separate legal entity from Bank of Montreal. The merger is part of BPIC’s efforts to enhance its product offering and provide a more streamlined and efficient investment experience for its clients.
BMO Private Wealth, a brand name for a business group consisting of Bank of Montreal and its affiliates, offers a range of private wealth management products and services. While not all products and services are available through all legal entities within BMO Private Wealth, the group strives to deliver exceptional banking services, investment management, wealth planning, tax planning, and philanthropy planning services to its clients.
BMO Financial Group, the parent company, is the eighth largest bank in North America by assets, with a total of $1.4 trillion as of April 30, 2024. With a rich history spanning 200 years, BMO is committed to driving positive change in the world and making progress for a thriving economy, sustainable future, and inclusive society.
The Proposed Merger reflects BMO’s dedication to providing innovative solutions and optimizing its offerings to meet the evolving needs of its clients. By combining the strengths of the Terminating Fund and the Continuing Fund, BMO aims to create a more robust investment vehicle that offers enhanced benefits and opportunities for unitholders.
In conclusion, the Proposed Merger by BMO Private Investment Counsel Inc. represents a strategic move to streamline its product offering, achieve economies of scale, and provide diversification benefits to unitholders. With a commitment to delivering exceptional wealth management products and services, BMO Private Wealth continues to drive positive change and progress in the financial industry.