CI Funds, Canada's third-largest fund company, announced Monday it has officially changed its name to CI Investments to more accurately reflect the broad array of financial products the company offers.
"The new name is a better reflection of our broad and diverse lineup of investment options, including mutual funds, segregated funds, structured products, alternative investments and asset allocation programs," said Peter W. Anderson, CI president and chief executive officer.
"It also embodies our continuing commitment to providing Canadians with an innovative and high-quality lineup of products and services that will help them meet their financial goals."
CI has drafted a new logo and a new Web site address, www.ci.com. CI has also changed its legal name to CI Investments from CI Mutual Funds.
In a related move, CI's parent company, CI Fund Management said that it has adopted the name CI Financial, to reflect its status as a diversified wealth management firm and a holding company for a varied range of financial services businesses, and that it also intends to change its legal name, in its case, to CI Financial, pending shareholder approval.
The branding initiative comes fast on the heels of its announcement last week that it plans to slash mutual fund fees across all of its funds and replace them with a fixed administration fee. The proposed fee cuts would effectively put a cap on the funds' expense ratios with CI absorbing any costs than exceed the fixed fee, with the exception of taxes and new governmental fees.