CI Investments has made a series of changes to its Lakeview mutual funds, including the appointment of a new portfolio manager.
Effective on or about December 14, 2012, Cambridge Advisors will become portfolio advisor to the Lakeview Disciplined Leadership High Income Fund and Lakeview Disciplined Leadership Canadian Equity Fund.
The funds will be renamed Cambridge High Income Fund and Cambridge Canadian Stock Fund.
In addition, the funds will be re-opened to new purchases after having been closed since November 2011. Although the funds’ simplified prospectus allows for performance fees, CI will no longer charge performance fees.
Further, the company is reducing the management fees of the High Income fund to align them with other CI funds in this category. The management fees will be reduced to 1.90% from 1.95% for Class A units, and to 0.90% from 0.95% for Class F units.
Cambridge Advisors manages over $4 billion in assets and has offices in Boston and Toronto. The team, a division of CI Investments, is led by CIO Alan Radlo and portfolio managers Bob Swanson and Brandon Snow.
Swanson has been appointed lead portfolio manager of the Cambridge High Income Fund. He’s currently the portfolio manager of Cambridge Income Fund and Cambridge Canadian Asset Allocation Corporate Class.
Snow has been appointed lead portfolio manager of the Cambridge Canadian Stock Fund. He’s currently the manager of Cambridge Canadian Equity Corporate Class, Cambridge Pure Canadian Equity Fund and Cambridge Canadian Growth Companies Fund.
Cambridge is replacing Barometer Capital Management, which has resigned as sub-advisor to the funds. CI has been manager of the Lakeview funds since May 2007, when CI acquired Lakeview Asset Management, and will no longer be using the Lakeview brand name upon these changes.