Pender to take over management of Pender Corporate Bond Fund and Pender Canadian Equity Fund; MERs on Pender Corporate Bond Fund to be reduced.

VANCOUVER, Sept. 2, 2015 /CNW/ - PenderFund Capital Management Ltd ("Pender"), the manager of the Pender Mutual Funds, is pleased to announce that, effective tomorrow, the Pender Corporate Bond Fund and the Pender Canadian Equity Fund will be managed in-house by Pender.

The Pender Corporate Bond Fund will no longer be sub-advised by Fulcra Asset Management Inc. We are pleased to announce the addition of Geoff Castle to the Pender investment team as portfolio manager of the Pender Corporate Bond Fund.

Mr. Castle is an experienced credit analyst with a conservative approach to managing fixed income. He has 13 years of fund management experience in both public mutual fund and proprietary investment fund management. This includes seven years with one of the largest independent mutual fund companies in Canada, four of which saw him co-manage the firm's $300 million global balanced fund, the second highest returning fund in its category in 2004, according to Globefund.

"I am very pleased to be joining the Pender team, many of whom I have known for several years," said Mr. Castle. "I look forward to helping Pender's clients earn attractive, risk-adjusted returns in shorter term fixed income, while closely managing risk in the portfolio."

Effective immediately, the Management Expense Ratio ("MER") on the Pender Corporate Bond Fund will be reduced from 2.25% to 1.95% for Class A and from 1.50% to 1.15% for Class F. There will be similar reductions to the MERs of the remaining classes.

The Pender Canadian Equity Fund will no longer be sub-advised by Dixon Mitchell Investment Counsel, but rather will be managed by Pender, taking full advantage of our expertise in the Canadian equity markets. The Fund will invest in the best opportunities in Canada, regardless of market cap size.

David Barr, Pender's CIO, said: "We have an experienced in-house team of six proven investment professionals all focused on capital preservation. We believe that direct fund management will enable better oversight of both the investment process and risk controls for all of the portfolios that we manage."

Kelly Edmison, CEO of Pender said: "We would like to thank Matt Shandro, Ken O'Kennedy and their teams at Fulcra and Dixon Mitchell respectively for their hard work, competence and integrity over the years, and for their assistance in helping us build the Pender family of mutual funds."

About PenderFund Capital Management Ltd.
Pender is an independent, employee-owned, value-based investment firm located in Vancouver. Our goal is to create value for our investors by generating superior risk-adjusted returns, while protecting capital and minimizing downside risk.

Pender was founded in 2003 and is the Manager of the Pender Mutual Funds.


Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

SOURCE PenderFund Capital Management Ltd.

For further information: Melanie Moore, Director of Marketing,, Toll Free: 1-866-377-4743,


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