TORONTO, April 30 /CNW/ - Cumberland Investment Management Inc., the manager of Cumberland Capital Appreciation Fund, announced today that it is seeking approval from unitholders for a change in the Fund's investment objective.
If all approvals are obtained, the investment objective of the Fund will be changed to permit investment by the Fund in high quality government and corporate fixed income securities as well as in income trusts and equity securities.
"The addition of the fixed income asset class provides more options for capital preservation and can provide better yields when compared to short term cash deposits," notes John Wilson, Chief Investment Officer, Cumberland.
The investment process will continue to be oriented towards individual security selection and be value driven.
Unitholders of the Fund will be asked to approve the proposed change at a special meeting to be held on May 26, 2010 in Toronto. If approved, the change in investment objective is expected to become effective on or about May 27, 2010.
About Cumberland Private Wealth Management Inc.
Cumberland Private Wealth Management, the portfolio advisor of the Fund, provides discretionary investment management services for high net worth individuals and families, and the trusts, companies and foundations under their stewardship. The firm is privately owned by its employees and offers a wide spectrum of investment and wealth management expertise.
SOURCE CUMBERLAND PRIVATE WEALTH MANAGEMENT INC.
For further information: For further information: Bruce Jackson, Toronto, firstname.lastname@example.org, (416) 413-4058; John Wilson, Toronto, email@example.com, (416) 413-4203