CI Investments (Signature) Organizational Changes

May 5, 2014

Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans.

In February 2014, CI Investments (CI) announced that Paul Simon left the firm to pursue another opportunity. Mr Simon was Vice-President of Portfolio Management, Portfolio Manager, Head of the Rates Team, a member of the Foreign Exchange Team, and one of four Global Investment Strategists at Signature Global Asset Management (Signature). The Signature team is responsible for the management of the CI Signature Income & Growth Fund, as well as underlying Signature funds of the CI Portfolio Series.

In January 2014, CI announced the addition of Kamyar Hazaveh as Vice-President, Fixed Income. Mr Hazaveh will replace Mr. Simon as Head of the Rates Team, supported by Jonathan Chew, and will assist on the Canadian and global government bond strategies at Signature.

Going forward, John Shaw - assisted by Mr. Hazaveh and other Signature team members - will continue to oversee the fixed income portion of the CI Signature Income & Growth Fund which he previously co-managed with Mr. Simon.

Leadership for the Fixed Income team will continue to be provided by Chief Investment Officer, Eric Bushell. The Fixed Income team is supported by three analysts dedicated to investment-grade bonds. The team also draws on the expertise of the five members of the Fixed Income Team who focus on high-yield bonds, led by Portfolio Manager Geof Marshall. Additional currency resources are provided by Matthew Strauss, Signature's global strategist focusing on Emerging Markets. CI has no immediate plans to replace Mr. Simon on the Global Investment Strategist Team at this time. Going forward, the team will consist of Drummond Brodeur, Eric Bushell and Matthew Strauss.

Background
Mr. Hazaveh has eight years of investment industry experience specializing in fixed income cash and derivatives analysis, trading and portfolio management. Prior to joining Signature, Mr. Hazaveh worked at Ontario Teachers’ Pension Plan (OTPP) for six years, as a fixed income trader and portfolio manager responsible for managing the Fund’s $50 billion allocation to global nominal and inflation-linked bonds. He holds a Masters’ of Mathematical Finance (MMF) degree from the University of Toronto.

Mr. Strauss has 19 years of experience that includes international experience in currency and fixed‐income markets, including positions as Chief Strategist at the largest retail bank in Africa and as Senior Fixed Income and Currency Strategist at RBC Capital Markets.

Mr. Chew has been part of Signature’s bond team for three years. He handles the day-to-day investing of the cash management, money market and short‐term bond mandates.

What does this mean for plan sponsors?
Mr. Simon was a key member of the Signature team. We will continue to monitor the turnover and provides updates as necessary.

Questions?
Please contact your Sun Life Financial Group Retirement Services representative.