TORONTO, Feb. 1 /CNW/ - Horizons Funds Inc. ("Horizons"), the manager of the Horizons Global Contrarian Fund (the "Fund"), announced today that it intends to merge with JovInvestment
Management Inc. ("JovInvestment").
In order to gain further cost and operational efficiencies, Horizons
intends to amalgamate with its affiliate JovInvestment, effective on
March 30, 2011 (the "Effective Date").
This amalgamation will result in JovInvestment becoming the manager of
the Fund on or about the Effective Date. In this role, JovInvestment
will assume all of the rights and responsibilities of Horizons for all
administrative, legal, reporting and marketing functions for the Fund.
About Horizons Funds Inc. and JovInvestment Management Inc.
Horizons and JovInvestment are wholly-owned subsidiaries of Jovian
Capital Corporation ("Jovian"). Currently, Horizons provides management services to the Fund and
JovInvestment is the Fund's portfolio manager. JovInvestment provides
investment advisory and administration services to a broad range of
clients, including ETFs, public mutual funds, closed-end funds, hedge
funds and principal protected notes. JovInvestment manages more than
$4.1 billion in assets under management as at December 31, 2010.
About Jovian Capital Corporation (JOV:TSX)
Jovian acquires, creates and grows financial services companies
specializing in three primary market segments: wealth management,
traditional asset managers, and exchange traded fund asset managers.
The Jovian group of companies (AlphaPro Management Inc., BetaPro
Management Inc., Horizons Exchange Traded Funds Inc., Horizons Funds
Inc., JovFunds Management Inc., JovInvestment Management Inc., Leon
Frazer & Associates Inc., MGI Financial Inc., MGI Securities Inc., MGI
Securities (USA) Inc. and T.E. Wealth) manages approximately $13.0
billion of client assets ($7.5 billion in assets under management and
$5.5 billion in assets under administration). Additional information
is available at www.joviancapital.com and www.sedar.com.
SOURCE Horizons Global Contrarian Fund
For further information:
Martin Fabregas, Investor Relations, JovInvestment Management Inc. (416) 601-2508.