We’d like to inform you about an important change coming to your account and relationship with CI Direct Investing.
Why are you making changes?
At CI Direct Investing, we’re always looking for ways to ensure the highest levels of client care and to provide you with the same benefits of a consistent portfolio management process that all our clients enjoy, including security selection, rebalancing, timely investment of cash balances, and access to your money. In an effort to deliver on that commitment, we have decided to make these changes.
What’s changing?
As of February 20, 2023, CI Direct Investing will no longer offer the Manzil Portfolios nor provide access to the Manzil Mortgage Fund.
What does this mean to me?
Effective immediately, CI Direct Investing will no longer accept applications for new accounts for investment into a Manzil Portfolio. Manzil Portfolios will be provided by OneVest Management Inc. (OneVest). OneVest is a registered portfolio manager in all provinces and territories of Canada and operates a digital wealth management platform.
On February 20, 2023, we’ll assign and transfer your account to OneVest. The terms of your account agreement, including your account management fees and your investments, will not change through this assignment, but you’ll become a client of OneVest and not CI Direct Investing as of the date of the transfer. You can get more information about OneVest by reviewing its relationship disclosure information and conflicts of interest disclosure (available here), along with understanding how OneVest provides portfolio management services.
If you want to remain invested in a Manzil Portfolio managed by OneVest, you don’t need to do anything for now. OneVest will open an account for you, and after February 20, 2023 your account will be transferred from CI Direct Investing to an account with OneVest automatically. You won’t incur any costs as a result of the transfer of your account to OneVest. You may be required to acknowledge additional agreements provided to you by OneVest before any future changes to your portfolio can be completed.
To make the process as easy as possible for you, we’ll provide OneVest information that we have on file about you and your account when/if your account is set to be transferred. You can read about their privacy policy here.
You can expect OneVest to contact you on or shortly after February 20, 2023 to give you details on how you can access information about your account on their portfolio management system. OneVest may also contact you in due course to discuss the investments in your account and your personal and financial circumstances. After your account is transferred, you’ll continue to have access to your CI Direct Investing profile where you can access your historical account information and performance.
What if I want to opt out of this transfer?
If you don’t want to have your account transferred to OneVest, please let us know as soon as possible to discuss your options. We could change your Manzil Portfolio to one of our other portfolios in order to remain a client of CI Direct Investing, or arrange to transfer the assets in your account to another dealer or portfolio manager of your choice at no cost. You may also request a withdrawal, in which case we’ll sell the investments in your account, subject to the liquidity restrictions of the Manzil Mortgage Fund (more details below). It will not be possible for you to retain your investments in a Manzil Portfolio with CI Direct Investing on and after February 20, 2023 since we have decided to discontinue the Manzil Portfolios.
If you want to opt out of the automatic transfer to OneVest, you must do so by January 18, 2023. You won’t be charged any transfer fees if you decide to transfer your account to another registered firm.
What are the liquidity restrictions of the Manzil Mortgage Fund?
The Manzil Mortgage Fund can be redeemed monthly and requires one month’s notice to redeem. Weekly liquidity may be provided on an exception basis; however, this is not guaranteed. Withdrawals over $20,000 in a calendar month may be subject to additional restrictions and cash may not be received in your bank account for one year.
If you need to make a withdrawal from your account before February 20, 2023, please let us know.
If you have any questions or concerns, please reply to this message. If you want to remain a client of CI Direct Investing and discuss our other portfolios feel free to book a call with one of our portfolio managers using this link.
Thank you for your trust in CI Direct Investing and we wish you success in meeting your financial goals.
