TORONTO, March 1 /CNW/ - It was announced today that Lawrence Asset Management Inc. ("Lawrence"), a specialized global asset management firm, with interests and investments in Canada and around the world, acquired all of the outstanding shares of, and amalgamated with, Navina Capital Corp. on January 1, 2010 to become Navina Asset Management Inc. Under the Navina brand, the combined company will build on the success and longevity of Lawrence, as well as benefit from the infrastructure and product delivery strength of the former standalone Navina.
Following the amalgamation, Navina Asset Management Inc. will manage 11 investment funds with an aggregate of approximately $330 million of assets under management.
In connection with the business combination, Lawrence's President and Chief Operating Officer, Mr. Ravi Sood, was appointed as the new Chief Executive Officer. In addition to Mr. Sood, Navina Asset Management will be led by Andrew Bentley, President, Catherine Stretch, Chief Operating Officer, and Larry Guy, Chief Financial Officer. Mr. Bentley and Mr. Guy were formally the principals of Navina.
The transactions described above resulted in a change of manager of the Navina/Lazard U.S. High Yield Bond Fund (the "Bond Fund") under applicable securities laws. Navina Asset Management Inc. will continue to be the manager of the Funds including the Bond Fund and will continue to operate under the terms of existing management agreements. This will not affect the operation of the Funds or the management expense ratio for the Funds.
Through inadvertence, neither regulatory approval nor the approval of unitholders of the Bond Fund was obtained in connection with the amalgamation, as was required under applicable securities laws. Upon becoming aware of the issue, Navina brought this to the attention of the Staff of the Ontario Securities Commission which is currently reviewing the matter.
The combined Company has the track record and requisite financial, operational, and investment know-how to generate strong returns for investors. The larger and stronger entity will benefit from a number of synergies, combining Lawrence's long-standing history of providing distinctive financial products and leading team of portfolio managers, with Navina Capital's strong sales and marketing force and existing infrastructure.
The Company's mandate will be focused on unique financial products and niche oriented investment funds, providing investment opportunities ranging from growth to yield or a focus on specific geographic regions and industry sectors.
About Navina Asset Management Inc.
Navina Asset Management Inc. is a Toronto-based leading specialized global asset management firm with interests and investments in Canada and around the world. With 11 funds and approximately $330 million in assets under management, the firm has a successful track record of generating returns for its investors. Navina is committed to providing investors with access to niche-oriented investment funds focused on emerging themes and mandates. Our intention is to establish long-term relationships with our clients and to respond to the dynamic needs of the investment community by providing unique investments solutions. Navina Capital Corp. and Lawrence Asset Management Inc. completed a business combination in January 2010 to operate jointly as Navina Asset Management Inc. For more information, please visit www.navinasset.com
SOURCE NAVINA ASSET MANAGEMENT INC.
For further information: For further information: Andrew Bentley, President, 1-800-513-3868, firstname.lastname@example.org