/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
TORONTO, May 18, 2016 /CNW/ - Marret Investment Grade Bond Fund (the "Fund") (TSX: MIG.UN) announced that at a special meeting held today, unitholders approved the conversion of the Fund from a closed-end fund to an actively managed exchange-traded fund (the "ETF Conversion"). The Fund will modify its investment objectives, strategies and restrictions, fee structure and make certain other organizational changes in connection with the ETF Conversion. After the implementation of the ETF Conversion, Marret Asset Management Inc. ("Marret") will continue to provide portfolio advisory services to the Fund. Marret's affiliate, First Asset Investment Management Inc., will assume responsibility as manager of the day-to-day administration of the Fund.
The implementation of the ETF Conversion is subject to certain third-party and regulatory approvals, including obtaining a receipt for the final prospectus of the exchange-traded fund. Marret will issue a press release announcing the effective date of the ETF Conversion after the required approvals have been obtained.
The details of the ETF Conversion are described in a management information circular that was mailed to unitholders of record as of April 18, 2016.
About Marret Asset Management Inc.
Marret Asset Management Inc. specializes in fixed income and particularly in high-yield debt strategies. The experienced team of investment professionals is led by Barry Allan, President and Chief Investment Officer. He founded Marret in 2000, following a career at Altamira, Nesbitt Thomson and a Canadian chartered bank, and has over 30 years of experience in credit and fixed-income markets.
About First Asset Investment Management Inc.
First Asset, a CI Financial Company, is a Canadian investment firm delivering a comprehensive suite of smart ETF solutions. As at March 31, 2016, First Asset is the investment fund manager, portfolio advisor and trustee for 36 TSX-listed exchange-traded funds.
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 securities laws. These forward-looking statements are made as of the date of this press release.
SOURCE Marret Asset Management Inc.
For further information: Marret Investor Services 416-214-5800 or email@example.com