TORONTO, March 11, 2013 /CNW/ - NEI Investments ("NEI") today announced
the finalizing of retail sub advisory agreements with River Road Asset
Management LLC ("River Road") and Columbia Management Investment
Advisers LLC ("Columbia Management"). NEI also today announced
proposed changes to four of its mutual funds, two of which are pending
River Road to assume management responsibilities for NEI Northwest U.S.
Equity Fund and NEI Northwest U.S. Equity Corporate Class
Wholly owned by Aviva Investors North America, Inc. and managing
approximately $8 billion in assets for institutional and private wealth
clients across the world, Kentucky-based River Road will assume
management responsibilities for NEI Northwest U.S. Equity Fund and NEI
Northwest U.S. Equity Corporate Class, effective March 18, 2013. This
will be River Road's first NEI mandate as lead manager for these two
Funds. River Road has managed the U.S. equity sleeve of NEI Northwest
Tactical Yield Fund since the Fund's inception in 2010.
At the same time the management responsibilities are being transferred
to River Road, the Funds will be renamed "NEI Northwest U.S. Dividend
Fund" and "NEI Northwest U.S. Dividend Corporate Class", respectively.
The name changes are indicative of a more dividend-focused orientation,
however the investment style will not deviate from the large-cap, value
style currently employed. River Road uses a unique "Absolute Value"
investment approach designed to generate attractive and sustainable
long-term performance consistency - something they have done through
all types of markets.
Proposed changes to fundamental investment objectives of NEI Northwest
EAFE Fund and NEI Northwest EAFE Corporate Class and Columbia
Management to assume management responsibilities for these funds
Securityholders of NEI Northwest EAFE Fund and NEI Northwest EAFE
Corporate Class will be asked to approve changes to the fundamental
investment objectives of these Funds at special meetings of
securityholders to be held on or about April 23, 2013. The proposed
changes would allow investment of the Funds in a broader range of
emerging market economies. If securityholders approve the proposed
changes to the investment objectives, the corresponding investment
strategies of these Funds will also be amended accordingly and the
Funds will be renamed "NEI Northwest Emerging Markets Fund" and "NEI
Northwest Emerging Markets Corporate Class", respectively.
Full details of the proposed changes to the fundamental investment
objectives of each Fund will be contained in a notice of meetings and
Management Information Circular to be provided to securityholders of
record as at March 11, 2013. It is anticipated that the changes in the
fundamental investment objectives will become effective on or about May
6, 2013. The notice of meetings and Management Information Circular
will also be available on SEDAR at www.sedar.com.
Founded in 1894 with current assets under management at more than $300
billion, Columbia Management is one of the longest standing and largest
investment firms in the United States. If the proposed investment
objective changes described above are approved, Columbia Management
will assume investment management responsibilities for NEI Northwest
Emerging Markets Fund and NEI Northwest Emerging Markets Corporate
Class, effective on or about May 6, 2013. With these changes, NEI
believes the Funds will offer investors access to high growth
investment opportunities across the full spectrum of emerging markets
through Columbia Management's unique multi-disciplined investment
ABOUT NEI INVESTMENTS
NEI Investments is a national investment firm with approximately $5
billion in assets under management. It offers Canadian retail investors
unique access to top independent money managers through high quality
investment solutions in two fund families, Northwest Funds and Ethical
Funds. Its products provide investors with a full range of investment
management styles as well as conventional and socially responsible
NEI Investments is owned 50% by the Provincial Credit Union Centrals and
50% by Desjardins Group. This backing of experience and resources
allows NEI Investments to actively support business growth in these
networks as well as independent advisor channels.
NEI Investments has offices in Toronto, Vancouver and Montreal.
SOURCE: NEI Investments
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