Determining whether a change is a material change will depend on the specific facts and circumstances surrounding the change. However, the CSA is of the view that
(a) the change of portfolio adviser of an investment fund will generally constitute a material change for the investment fund, and
(b) the departure of a high-profile individual from the employ of a portfolio adviser of an investment fund may constitute a material change for the investment fund, depending on how prominently the investment fund featured that individual in its marketing. An investment fund that emphasized the ability of a particular individual to encourage investors to purchase the fund could not later take the position that the departure of that individual was immaterial to investors and therefore not a material change.