TORONTO, June 30, 2021 /CNW/ - BMO Private Investment Counsel Inc. ("BPIC"), the manager of BMO Private Canadian Short-Term Bond Portfolio (the "Terminating Fund") and BMO Private Canadian Mid-Term Bond Portfolio (the "Continuing Fund"), received regulatory approval on June 29, 2021 to proceed with its proposal to merge the Terminating Fund into the Continuing Fund (the "Proposed Merger"). The Proposed Merger was announced on April 30, 2021.
The purposes of the Proposed Merger are to streamline BPIC's product offering, achieve economies of scale and provide diversification benefits to unitholders. As a result of obtaining regulatory approval, on or about the close of business on July 9, 2021, the Terminating Fund will merge into the Continuing Fund and holders of units of the Terminating Fund will receive units of the Continuing Fund, determined on a dollar-for-dollar and tax-deferred basis. The Terminating Fund will be wound up following the Proposed Merger.
Unitholder approval is not required to effect the Proposed Merger. At the time of the Proposed Merger, BPIC intends to change the name of the Continuing Fund to BMO Private Canadian Short-Mid Bond Portfolio.
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.
SOURCE BMO Financial Group