Merger of BPI Canadian Opportunities RSP Fund Completed

TORONTO, Nov. 9 /CNW/ - BPI Mutual Funds announced today that it has completed the merger of the BPI Canadian Opportunities RSP Fund into the BPI Global Opportunities Fund.

The merger was effective at the close of business on Nov. 6. Unitholders of the BPI Canadian Opportunities RSP Fund have become unitholders of the BPI Global Opportunities Fund. More than 90 percent of the votes cast at a special unitholder meeting on Oct. 28 were in favour of the merger.

"The merger means unitholders will be participating in a Fund with much stronger performance," said James McGovern, President and Chief Executive Officer of BPI Mutual Funds. "They will benefit from this Fund's global mandate and the expertise of our global managers."

The combined Fund will be managed by Dan Jaworski and Paul Holland of BPI Global Asset Management, the current managers of the BPI Global Opportunities Fund. The BPI Global Opportunities Fund has been one of the top-performing mutual funds in Canada over the past three years. For the one, two and three-year periods ending Oct. 31, 1998, its average annual returns were 35.2 percent, 52.8 percent and 39.2 percent, respectively.(x)

The BPI Global Opportunities Fund, which is restricted to sophisticated investors, uses investment strategies that are not available to traditional mutual funds, including leverage and short-selling.

BPI Financial Corporation (TSF: BPF), through its wholly owned subsidiary BPI Capital Management Corporation, is the sponsor, manager and distributor of BPI Mutual Funds.

BPI Mutual Funds is one of Canada's leading independent mutual fund companies, managing over $3.3 billion in assets on behalf of more than 200,000 Canadians. Now in its 11th year of operation, BPI offers a wide variety of funds to suit individual investment needs.

(x) As at Oct. 31, 1998. The indicated rates of return are the total returns for the one-year period and the annual compounded returns for the two and three-year periods, including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges payable by a unitholder which would have reduced returns. Past performance is not indicative of future results. This is not to be construed as a public offering of securities in any jurisdiction in Canada.

THE TORONTO STOCK EXCHANGE NEITHER AGREES NOR DISAGREES WITH THE INFORMATION CONTAINED HEREIN.

11/09/1998

For further information: James L. McGovern, President and CEO, BPI Mutual Funds, (416) 216-2259

Release courtesy of Canada NewsWire.

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