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BMO Financial Group

May 31, 2016 16:03 ET

BMO Private Investment Counsel Inc. Receives Regulatory Approval for Proposed Fund Merger

TORONTO, ONTARIO--(Marketwired - May 31, 2016) - BMO Private Investment Counsel Inc. ("BPIC"), the investment management arm of BMO Private Banking and the manager of BMO Private Canadian Growth Equity Portfolio (the "Terminating Fund") and BMO Private Canadian Conservative Equity Portfolio (the "Continuing Fund") (collectively, the "Portfolios"), today received regulatory approval to proceed with its proposal to merge the Terminating Fund into the Continuing Fund (the "Proposed Merger"). The Proposed Merger was announced on May 4, 2016.

The primary purpose of the Proposed Merger is to streamline BPIC's product offering and to achieve economies of scale. As a result of obtaining regulatory approval, on or about the close of business on July 8, 2016, 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 Core Equity Portfolio.

About BMO Private Banking

Backed by the stability and resources of BMO Financial Group, professionals at BMO Private Banking are responsible for the successful management of wealth by providing expert advice and highly personalized services -- all in a coordinated approach. Banking services are provided by Bank of Montreal. Investment management services are provided by BMO Private Investment Counsel Inc. Estate, Trust, Planning and Custodial Services are offered through BMO Trust Company.

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