TORONTO, May 10, 2013 /CNW/ - JovFinancial Solutions Inc. ("JovFinancial"), the manager of Jov Leon Frazer Enhanced Opportunities Fund Inc. (the "Fund"), announced today that the Fund will no longer accept further subscriptions in the Fund while it explores strategic options to maximize returns for all of the Fund's shareholders in light of the phase out of the tax credits available to investors in labour-sponsored investment funds proposed by the 2013 Federal Budget. It is important to note that redemptions are unaffected by this decision.
The board of directors of the Fund continues to assess the budget proposal and its potential impact and will be making a submission to the federal government requesting relief from the claw-back of tax credits that applies when an investment in a labour-sponsored fund is redeemed early. At this time it is believed to be in the best interests of investors to suspend further subscriptions until there is greater guidance from the federal government regarding what relief, if any, may be available to the Fund's investors. Once all of the details are known, the board of directors of the Fund will determine the best long-term course of action for the Fund.
JovFinancial also announces that, effective May 15, 2013, Steven Hawkins, President and Chief Executive Officer of the Fund, will be replaced by Philip Armstrong. Effective May 15, 2013, Steven Hawkins is also resigning as a director of the Fund. Julie McMaster, Chief Financial Officer of the Fund, has also been replaced by Jason Mackey. Mr. Hawkins and Ms. McMaster are employees of Horizons ETFs Management (Canada) Inc. ("Horizons"), a former affiliate of JovFinancial, and their services have been provided to the Fund pursuant to a transition services agreement between Horizons and Jovian Capital Corporation ("Jovian"), the parent company of JovFinancial, that expires on May 15, 2013. Mr. Armstrong is the Chief Executive Officer and a director of Jovian and is a financial services veteran with over 40 years' experience. Mr. Mackey is the Chief Financial Officer of Jovian and has worked in the financial industry for over 20 years. JovFinancial and the Fund each thank Mr. Hawkins and Ms. McMaster for their service to the Fund.
About JovFinancial Solutions Inc.
JovFinancial is a leading Investment Fund Manager and member of the Jovian Capital Corporation group of companies. JFSI offers investors a unique brand of investment products and portfolio solutions that combine competitive fees, strong performance, renowned third party investment managers and client service excellence. In its first year, JovFinancial has grown to manage in excess of $280 million of client assets. The line-up of quality investment products includes one of Canada's first mutual fund wrap programs that features a tactical investment approach by investing in exchange traded funds.
SOURCE: JovFinancial Solutions Inc.
For further information:
Grant Rush, President, JovFinancial Solutions, 1-877-273-2156 ext. 7254