BMO Investments Inc. announced Tuesday that it had revised the investment strategy for its BMO Global Monthly Income Fund to let it invest up to 100% of the purchase cost of its assets in securities of other mutual funds.
The change will allow greater flexibility in achieving optimal asset allocation across asset classes, the Bank of Montreal subsidiary said. Previously, the BMO Global Monthly Income Fund could not hold other mutual funds as a strategy to achieve its objective.
The reported performance returns on the fund, net asset values of its units, and all other financial information about the portfolio are unaffected, the company said.
BMO Investments is a member of the BMO Financial Group and part of its private-client group. The latter offers integrated wealth management services in Canada and the United States and had assets under management and administration and term investments totaling $280.1 billion at July 31.
