BMO Investments, a member of the BMO Financial Group, has received securityholder approval to proceed with the proposed changes announced on June 18, 2009, to the BMO Income Trust Fund and BMO International Equity Fund.
Following this approval, the portfolio manager of BMO Income Trust Fund became Macquarie Capital Investment Management and the fund’s name has changed to BMO Global Infrastructure Fund to reflect the changes in its investment objectives. It has added that the fund will now invest primarily in companies that operate in, or are expected to benefit from, infrastructure-related businesses from around the world.
The BMO International Equity Fund has been merged into BMO International Value Class. BMO International Value Class is a class of shares of BMO Global Tax Advantage Funds, a mutual fund corporation which allows shareholders to switch among other classes of BMO Global Tax Advantage Funds on a tax-deferred basis. It said that unit holders of the BMO International Equity Fund will receive shares of BMO International Value Class.
Reportedly, the investment strategies used by Pyrford International, the portfolio manager of BMO International Value Class, are suited to the fund’s investment objective of investing primarily in equity securities of established companies located outside of Canada and the US.
Pyrford is a wholly-owned, indirect subsidiary of Bank of Montreal. Pyrford is a provider of international asset management services for pension funds, charities, endowments, foundations and high net worth individuals.
