Manager seeks changes to mandate, reductions in fees and to add best-in-class industry veteran as portfolio adviser
VANCOUVER, Nov. 30, 2016 /CNW/ - Qwest Investment Fund Management Ltd. (the "Manager"), the manager of the AlphaDelta Canadian Prosperity Class (the "Fund"), a class of special shares of Qwest Funds Corp., announced today that it is proposing changes to the fundamental investment objective and strategies of the Fund, as well as the name of the Fund and management fees payable by the Fund, subject to obtaining shareholder approval of the investment objective change at a special meeting of shareholders of the Fund (the "Meeting") to be held on or about December 21, 2016.
In particular, the Manager is proposing to amend the Fund's fundamental investment objective to provide long-term capital appreciation by investing primarily in equity securities of Canadian and foreign companies. Upon approval, investment industry veteran Dennis Starritt, previously of Bluewater Investment Management Inc., and currently a portfolio manager with Toronto-based Laurus Investment Counsel, will assume primary responsibilities for the day-to-day portfolio management of the Fund.
If this change to the Fund's fundamental investment objective is approved at the Meeting, then the Manager will make consequential changes to the Fund's investment strategies and the name of the Fund will be changed to the "AlphaDelta Canadian Focused Equity Class". In addition, the management fees payable by the Fund will be reduced as follows: the management fee payable in respect of the Series A shares of the Fund will decrease from 2.5% per annum to 2.0% per annum; the management fee payable in respect of the Series F shares of the Fund will decrease from 1.5% per annum to 1.0% per annum; and the management fee payable in respect of the Series G shares of the Fund will decrease from 0.75% per annum to 0.60% per annum.
If the requisite approval is obtained, the investment objective change, as well as the other changes to the Fund described above, is expected to be implemented on or about December 30, 2016.
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SOURCE AlphaDelta Funds
For further information: Victor Therrien, Chief Executive Officer, AlphaDelta Funds (778) 987-6417, firstname.lastname@example.org