TORONTO, Jan. 31 /CNW/ - IBI Income Fund, ("the Fund"), (TSX: IBIG.UN)
announced today that IBI Group Management Partnership, (IBIGMP) has advised
the Fund that it has expanded the Partnership by the increase of the number of
Partners to 42, being a net increase of 7 Partners, and the increase of
Associate Partners to 19, being a net increase of 1 Associate Partner. The
total Partnership now comprises 61 Partners and Associate Partners.
Phil Beinhaker, Chairman Director and CEO of IBI Group and Chairman
Director of IBIGMP stated that these elections are a strategic move in the
expansion of the leadership reflecting growth in the professional practice of
IBI Group and providing for additional growth prospects ahead. The Partners
and Associate Partners, operating with the titles Directors and Associate
Directors, manage the professional practice, which is the business of the
Fund. The additions constitute a 15% growth in the ranks of the Partnership.
These outstanding men and women are the proven leadership of the professional
practice. Most notable is that the increased ranks in the Partnership include
people leading the international practice as well as in North America. We now
have Partners leading our practice in China, Dubai, Israel, Greece, England,
Scotland, as well as in our offices across the United States and Canada. The
professional talent, ambition and energy of these lead practitioners provide
for the growth of the firm and quality control of the professional practice.
The net growth takes into account the retirement of two longstanding
Partners. Their responsibilities have been assumed by existing and new
Partners, providing for the continuity of the practice.
In order to provide for the equitable allocation of the interests of the
retiring Partners in the Partnership, IBIGMP has transferred units of the Fund
owned by IBIGMP that are attributable to the retiring Partners to New IBIGMP.
IBIGMP and New IBIGMP are both comprised of the 61 Partners and Associate
Partners. All units of the Fund currently held by IBIGMP will be held by
IBIGMP and New IBIGMP.
About IBI Income Fund
The Fund is a TSX listed income trust, which pays monthly distributions
and trades under the symbol "IBG.UN".
The Fund holds an indirect 68% interest in IBI Group, a partnership
which, directly and through its subsidiary entities, provides professional
services, including planning, design, implementation, analysis of operations
and other consulting services in relation to four main areas of development,
being urban land, building facilities, transportation networks and systems
technology. The remaining 32% of IBI Group is owned by IBI Group Management
For further information:
For further information: Philip H. Beinhaker, IBI Income Fund, 230
Richmond Street West, Toronto, Ontario, M5V 1V6, Telephone: (416) 596-1930