NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
TORONTO, Feb. 28 /CNW/ - Marret Asset Management Inc. ("Marret")
announces the filing of (final) prospectus for the Marret
Multi-Strategy Income Fund (the "Fund") with the securities regulatory
authorities of all of the Canadian provinces. The Fund will be managed
by Marret and is offering up to 29,166,667 Class A and/or Class F units
(collectively, the "Units") at a price of $12.00 per Unit
(approximately $350 million). The Fund has also granted the agents an
over-allotment option, exercisable in whole or in part at any time up
to 30 days after closing, to purchase up to an additional 4,375,000
Class A units at a price of $12.00 per Class A unit. The offering is
expected to close on or about March 18, 2011.
The Fund has been created to provide investors with attractive,
risk-adjusted returns and tax-advantaged distributions and the
opportunity for capital appreciation through exposure through a forward
agreement to five diversified, actively managed investment portfolios
consisting primarily of income-generating securities. The five separate
portfolios will be managed by: (i) Barry Allan of Marret; (ii) Paul
Sandhu of Marret; (iii) Brad Dunkley and Blair Levinsky of WARATAH
Capital Advisors Ltd.; (iv) John Schumacher and Michael MacBain of East
Coast Fund Management Inc.; and (v) Michael Ruscetta of RCM Partners
The Fund will seek to achieve the following investment objectives: (i)
generate equity-like returns with substantially less volatility than
the S&P/TSX Composite Index; and (ii) provide unitholders of the Fund
with attractive, risk adjusted, quarterly, tax advantaged cash
distributions, initially targeted to be 5% per annum on the original
issue price of $12.00 per Unit.
The syndicate of agents for the offering is being led by RBC Capital
Markets and CIBC and includes GMP Securities L.P., TD Securities Inc.,
BMO Capital Markets, Scotia Capital Inc., Dundee Securities Ltd., HSBC
Securities (Canada) Inc., National Bank Financial Inc., Canaccord
Genuity Corp., Raymond James Ltd., Wellington West Capital Markets
Inc., Macquarie Private Wealth Inc. and Manulife Securities
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an applicable exemption from
the registration requirements. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there
be any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Marret Asset Management Inc.
Marret Asset Management Inc. is an employee-owned firm based in Toronto
and has over $5.2 billion of assets under management. Marret and its
experienced team of investment professionals led by Barry Allan
specialize exclusively in fixed income and, particularly, in high yield
debt strategies. Barry Allan, the President and Chief Investment
Officer, founded Marret in 2000, following a career at Altamira,
Nesbitt Thomson and a Canadian chartered bank. Mr. Allan has over 30
years of experience in credit and fixed income markets.
This press release contains forward-looking statements and information
within the meaning of applicable securities legislation.
Forward-looking statements can be identified by the expressions
"seeks", "expects", "believes", "estimates", "will", "target" and
similar expressions. The forward-looking statements are not historical
facts but reflect the current expectations of Marret and the managers
of the underlying portfolios regarding future results or events and are
based on information currently available to them. Certain material
factors and assumptions were applied in providing these forward-looking
statements. All forward-looking statements in this press release are
qualified by these cautionary statements.
Marret believes that the expectations reflected in forward-looking
statements are based upon reasonable assumptions; however, Marret can
give no assurance that the actual results or developments will be
realized. These forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results or events to
differ materially from current expectations, including the matters
discussed under "Risks Factors" in the prospectus. Readers, therefore,
should not place undue reliance on any such forward-looking statements.
Further, a forward-looking statement speaks only as of the date on
which such statement is made. Marret undertakes no obligation to
publicly update any such statement or to reflect new information or the
occurrence of future events or circumstances except as required by
These forward-looking statements are made as of the date of this press
SOURCE Marret Asset Management Inc.
For further information:
on the Fund, contact Lara Misner at 416.306.3895, firstname.lastname@example.org, or Marcus Spain at 416.306.3894, email@example.com, or about Marret, go to www.marret.com