MISSISSAUGA, ON, Jan. 16, 2015 /CNW/ - Pro-Financial Asset Management Inc. ("PFAM") and Smart Investments Ltd. (previously Kingship Capital Corporation) ("Smart") announced that effective December 31, 2014 Smart had acquired all of PFAM's discretionary agreements and all its investment fund management agreements. PFAM funds included the:
- Pro FTSE RAFI Canadian Index Fund,
- Pro FTSE RAFI US Index Fund,
- Pro FTSE RAFI Global Index Fund,
- Pro FTSE RAFI Hong Kong China Index Fund,
- Pro Money Market Fund, Pro FTSE RAFI Emerging Markets Index Fund,
- Pro FTSE NA Dividend Index Fund,
- Pro Fundamental Balanced Index Fund and
- Pro Fundamental Bond Index Fund.
Effective immediately the investment manager of the funds and portfolio manager of all discretionary managed accounts is Smart, a registered portfolio manager, investment fund manager and exempt market dealer.
This transaction was approved by fund unit holders in December, 2013 and approved by the Ontario Securities Commission, subject to certain conditions, on July 16, 2014. Concurrently with the closing of this transaction, 2389401 Ontario Inc. ("238 Inc.") acquired all of the issued and outstanding shares of Smart.
Smart is a boutique investment firm which plans to grow its assets organically and through strategic acquisitions. Smart will be rebranding the Pro-Index Funds and making some positive changes to the fund lineup. Kenneth White, Director, President, CCO, UDP and portfolio manager of Smart said he was pleased to complete the sale and is looking forward to building on the solid platform established by Pro-Financial in the smart beta index space. He confirmed Smart was open for business and looking forward to strengthening the existing commitment to providing Canadians with lower cost, lower volatility and higher performing index funds. He said that Smart had some exciting plans in store for its investors which would be communicated as they unfold.
Stuart McKinnon, President of Pro-Financial, will continue to work with the former Pro-Financial funds on a contractual basis with Smart to spearhead sales, business and product development. "We've got some great new products we expect to add to the line up of the existing funds and I'm looking forward to reconnecting with investors and dealers to introduce and promote our growth initiatives."
Smart Investments Ltd. is wholly-owned by 2389401 Ontario Inc. an Ontario corporation whose sole shareholder is David Hopps, a successful Ontario entrepreneur in transportation and logistics and commercial real estate development. As part of the OSC approval process David committed to a significant investment in Smart and to retain North Star Compliance and Regulatory Solutions Inc. to provide on-going regulatory compliance support to Smart. David said he is confident Smart is going to become the premier choice and leader of indexed and alternative investment products in Canada.
SOURCE Smart Investments Ltd.
For further information: please contact Kenneth White, President of the manager at 905-815-6905.