NEI Investments announces agreements with two new sub advisors and changes to four NEI Northwest mutual funds
TORONTO, March 11, 2013 /CNW/ - NEI Investments ("NEI") today announced the finalizing of retail sub advisory agreements with River Road Asset Management LLC ("River Road") and Columbia Management Investment Advisers LLC ("Columbia Management"). NEI also today announced proposed changes to four of its mutual funds, two of which are pending securityholder approval.
River Road to assume management responsibilities for NEI Northwest U.S.
Equity Fund and NEI Northwest U.S. Equity Corporate Class
Wholly owned by Aviva Investors North America, Inc. and managing approximately $8 billion in assets for institutional and private wealth clients across the world, Kentucky-based River Road will assume management responsibilities for NEI Northwest U.S. Equity Fund and NEI Northwest U.S. Equity Corporate Class, effective March 18, 2013. This will be River Road's first NEI mandate as lead manager for these two Funds. River Road has managed the U.S. equity sleeve of NEI Northwest Tactical Yield Fund since the Fund's inception in 2010.
At the same time the management responsibilities are being transferred to River Road, the Funds will be renamed "NEI Northwest U.S. Dividend Fund" and "NEI Northwest U.S. Dividend Corporate Class", respectively. The name changes are indicative of a more dividend-focused orientation, however the investment style will not deviate from the large-cap, value style currently employed. River Road uses a unique "Absolute Value" investment approach designed to generate attractive and sustainable long-term performance consistency - something they have done through all types of markets.
Proposed changes to fundamental investment objectives of NEI Northwest
EAFE Fund and NEI Northwest EAFE Corporate Class and Columbia
Management to assume management responsibilities for these funds
Securityholders of NEI Northwest EAFE Fund and NEI Northwest EAFE Corporate Class will be asked to approve changes to the fundamental investment objectives of these Funds at special meetings of securityholders to be held on or about April 23, 2013. The proposed changes would allow investment of the Funds in a broader range of emerging market economies. If securityholders approve the proposed changes to the investment objectives, the corresponding investment strategies of these Funds will also be amended accordingly and the Funds will be renamed "NEI Northwest Emerging Markets Fund" and "NEI Northwest Emerging Markets Corporate Class", respectively.
Full details of the proposed changes to the fundamental investment objectives of each Fund will be contained in a notice of meetings and Management Information Circular to be provided to securityholders of record as at March 11, 2013. It is anticipated that the changes in the fundamental investment objectives will become effective on or about May 6, 2013. The notice of meetings and Management Information Circular will also be available on SEDAR at www.sedar.com.
Founded in 1894 with current assets under management at more than $300 billion, Columbia Management is one of the longest standing and largest investment firms in the United States. If the proposed investment objective changes described above are approved, Columbia Management will assume investment management responsibilities for NEI Northwest Emerging Markets Fund and NEI Northwest Emerging Markets Corporate Class, effective on or about May 6, 2013. With these changes, NEI believes the Funds will offer investors access to high growth investment opportunities across the full spectrum of emerging markets through Columbia Management's unique multi-disciplined investment process.
ABOUT NEI INVESTMENTS
NEI Investments is a national investment firm with approximately $5 billion in assets under management. It offers Canadian retail investors unique access to top independent money managers through high quality investment solutions in two fund families, Northwest Funds and Ethical Funds. Its products provide investors with a full range of investment management styles as well as conventional and socially responsible investment choices.
NEI Investments is owned 50% by the Provincial Credit Union Centrals and 50% by Desjardins Group. This backing of experience and resources allows NEI Investments to actively support business growth in these networks as well as independent advisor channels.
NEI Investments has offices in Toronto, Vancouver and Montreal.
SOURCE: NEI InvestmentsFor further information:
For media interviews please contact:
MAVERICK Public Relations
416-640-5525 ext. 244