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TORONTO, April 7, 2016 /CNW/ - Further to its announcement on March 15, 2016, First Asset Hamilton Capital European Bank Fund (the "Fund") (TSX: EB.UN) announces that, subject to receipt of all required regulatory approvals, the Fund anticipates converting into an exchange-traded fund on or about Monday, April 25, 2016.
In connection with the implementation of the conversion, the Fund's investment objectives, strategies and restrictions will change in order to permit the Fund to invest in securities of global financial issuers, and Signature Global Asset Management, a division of CI Investments Inc. and an affiliate of the manager, First Asset Investment Management Inc., will assume the portfolio management responsibilities for the Fund. Upon the conversion, the Fund's name will change to "First Asset Global Financial Sector ETF" and its ticker symbol will change to FSF from EB.UN. Unitholders are not required to take any action in connection with the conversion. Further details of the conversion are described in the management information circular that was mailed to unitholders on or about February 23, 2016.
In anticipation of the upcoming change to the Fund's investment mandate, and based on its current assessment of expected market conditions in the period prior to the implementation of the conversion, the current portfolio manager has strategically elected to liquidate the Fund's equity positions in favour of cash.
About Signature Global Asset Management
Signature Global Asset Management manages core equity, balanced and income-oriented funds, and is CI Investments Inc.'s largest in-house portfolio management group. John Hadwen, Vice President, Portfolio Management and Portfolio Manager, will assume responsibilities for the Fund at the time of its conversion to an ETF. Mr. Hadwen specializes in the global financial services sector and is responsible for stock selection in the sector for Signature Funds, overseeing approximately $5 billion in assets under management. Mr. Hadwen holds an Honours BA and the Chartered Financial Analyst designation.
First Asset – Smart SolutionsTM
First Asset, a CI Financial Company, is a Canadian investment firm delivering a comprehensive suite of smart ETF solutions. Rooted in strong fundamentals, First Asset's smart solutions strive to deliver better risk-adjusted returns than the broad market, while helping investors achieve their personal financial goals.
TMFirst Asset and its logo are trademarks of First Asset Capital Corp., a wholly-owned subsidiary of CI Financial Corp. which is listed on the Toronto Stock Exchange under the symbol "CIX". ®CI FINANCIAL is a registered trademark of CI Investments Inc., used under license.
SOURCE First Asset Close-End Funds
For further information: please call Investor Relations, First Asset at 416-642-1289 or 1‐877‐642‐1289 or visit www.firstasset.com