MONTREAL, May 31, 2011 /CNW Telbec/ - Palos Management Inc. ("Palos")
announces that the BNY Trust Company of Canada ("BNY") as provided
notice to Palos of its intent to cease to act as trustee of the Palos
Equity Income Fund (the "Fund") in 60 days. BNY's notice come as a
result of a business decision to cease to provide trustee services to
publicly traded mutual funds in Canada.
"BNY has informed Palos that it is getting out of this particular line
of business and that within the next few months it will stop acting as
a trustee for all public mutual funds in Canada. BNY has informed Palos
that its decision is not the result of any actions or inactions taken
by Palos," said Charles Marleau, president of Palos.
Palos has begun searching for a new trustee for the Fund and has already
commenced discussions with several replacement trustees.
Palos has also filed an amended prospectus reflecting the resignation
notice of BNY.
About Palos Management Inc.
Founded in 2001, Palos Management is a boutique financial management
firm that includes Palos Investment Funds, Holdun Family Office, and
Palos Merchant Bank. Our mission is to constantly earn our client's
trust by growing and sustaining their wealth through our creative and
intelligent approach to financial management. Headquartered in
Montreal, Canada, Palos Management has an international reach through
offices in New York and the Bahamas.
SOURCE Palos Investment Funds
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