TORONTO, March 1, 2012 /CNW/ - NEI Investments ("NEI") is pleased to announce that Northwest Specialty High Yield Bond Fund is re-opened to new subscriptions effective March 5, 2012, pending regulatory approval. The Fund has been closed to new subscriptions since September 30, 2009.
"We are excited to once again provide investors with a Canadian focused high yield solution at a time when the market is really expanding. Aviva's deep understanding of the high yield sector and proven track-record in all market conditions gives us great confidence that investors are in a good position to prosper over the long term," said Daniel Solomon, Chief Investment Officer of NEI Investments.
Aviva, portfolio manager to both the Northwest Specialty High Yield and Northwest Specialty Global High Yield Bond Funds, prides itself on security selection and avoidance of defaults, traits that have made both Funds highly successful over the past several years. In fact the Investment Executive recently ranked both Funds in their top ten for three year performance. (January 2012).
"Back in 2009, strong asset growth of the Fund combined with the relatively small Canadian high yield market created unacceptable risk exposure for our investors. This was the driving force behind the closure at that time," continued Solomon,
Since 2009 however the Canadian high yield market has grown from $1.2 billion to over $5 billion in 2011 (DBRS). Portfolio Sub-Advisor Aviva Capital Management ("Aviva") is confident that the Canadian market now has the necessary scale to facilitate the reopening.
ABOUT NEI INVESTMENTS
NEI Investments is a national investment firm with approximately $5 billion in assets under management. It offers Canadian retail investors unique access to top independent money managers through high quality investment solutions in two fund families, Northwest Funds and Ethical Funds. Its products provide investors with a full range of investment management styles as well as conventional and socially responsible investment choices.
NEI Investments is owned 50% by the Provincial Credit Union Centrals and 50% by Desjardins Group. This backing of experience and resources allows NEI Investments to actively support business growth in these networks as well as independent advisor channels.
NEI Investments has offices in Toronto, Vancouver and Montreal.
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