News Releases

TORONTO, ONTARIO--(Marketwired - May 4, 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 announced a proposal to merge the Terminating Fund into the Continuing Fund (the "Proposed Merger").

BPIC intends to effect the Proposed Merger on or about July 8, 2016, provided receipt of regulatory approval. At the time of the Proposed Merger, BPIC would change the name of the Continuing Fund to BMO Private Canadian Core Equity Portfolio.

As a provider of discretionary investment management services, BPIC will be filing an application with the securities regulators for relief from the requirement to obtain unitholder approval of the Proposed Merger and for regulatory approval to implement the Proposed Merger.

The Independent Review Committee of the Portfolios approved the Proposed Merger after determining that the Proposed Merger, if implemented, would achieve a fair and reasonable result for the Portfolios.

The primary purpose of the Proposed Merger is to streamline BPIC's product offering and to achieve economies of scale. Upon completion of the Proposed Merger, 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.

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.