TORONTO, Nov. 9, 2018 /CNW/ - AIP Asset Management Inc. ("AIP"), as the manager of AIP Global Macro Class and AIP Canadian Enhanced Income Class (the "Funds"), each a corporate class of AIP Mutual Funds Corporation, today announced its intention to wind-up and terminate the Funds on or about January 11, 2019 (the "Terminations").
AIP has managed the Funds since March 2016. AIP proposed to terminate the Funds due to changing mutual funds environment making small funds more difficult to operate. However, upon the wind down of the two mutual funds, AIP will continue to run its hedge fund, AIP Global Macro Fund L.P., and AIP will continue to grow its Separately Managed Accounts platform business across Canada.
The Terminations are subject to certain steps including the approval by each of the Fund's shareholders at a Special Meeting of Shareholders to be held on December 27, 2018 (the "Special Meeting"). The Funds are currently preparing an information circular in connection with the Special Meeting which will disclose details of the Terminations and will be distributed to shareholders for their consideration in due course.
Shareholders of the terminating Funds will also be sent a written notice on November 9, 2018 outlining the details of the termination. The Funds will continue to price its net asset value per share daily.
AIP will not require investors to pay any redemption fees or sales charges upon redemption of their investment or the termination of the Funds.
Shares of the Funds will no longer be available for new purchases effective as of 4 p.m. (Toronto time) on November 9, 2018. This includes purchases through regular investment plans. Impacted investors are encouraged to contact their advisor to discuss the financial and tax implications.
About AIP Asset Management Inc.
AIP is a Toronto-based asset management company, managing hedge funds and discretionary separately managed accounts. Its core focus is to help clients, be they institutions, family offices or retail investors achieve their investment goals with a focus on socially responsible investing. For more information, visit www.aipassetmanagement.com
SOURCE AIP Asset Management Inc.
For further information: Karim Mecklai, Investor Relations, 416.601.0808