TORONTO - Amid weak sales, the only large shift in market share in the Canadian fund industry in the third quarter came through acquisition. The takeover of BPI Financial of Toronto lifted C.I. Fund Management, also of Toronto, to tenth in the industry, up from 13th at mid-year, according to the Investment Funds Institute of Canada.
As of Sept. 30, the merger of the two Toronto-based firms left C.I. with $14.5 billion (all figures in Canadian dollars) in assets, up from $9.8 billion three months earlier. Most of that growth, or more than $4 billion, was directly attributable to the BPI deal.