MONTREAL, Oct. 15, 2015 /CNW Telbec/ - O'Leary Funds Management ("O'Leary Funds") is pleased to announce an agreement with Canoe Financial ("Canoe") combining the mutual fund and closed-end fund businesses of both managers under the Canoe banner, after which Canoe will become one of the largest Canadian independent fund managers, with portfolio assets of almost $4 billion across equity and fixed income strategies. Kevin O'Leary will become Vice Chairman of Canoe and Connor O'Brien will remain CEO of Stanton Asset Management (retained as portfolio sub-advisor of selected strategies for Canoe). The transaction is expected to close within 90 days, subject to regulatory and unitholder approvals and other customary closing conditions.
"Canoe is an excellent strategic partner" said Kevin O'Leary "because they are independent and advisor-focused, with a similar investment philosophy and excellent performance across their group of funds. I look forward to working again with Brett Wilson and investing alongside Brett and over 50,000 Canadians in our group of investment funds. We share the vision of developing a leading Canadian independent fund manager focused on performance and enabling Canadian investors to achieve their financial goals."
Connor O'Brien added "This combination provides scale that we expect will benefit advisors and investors, and brings together an excellent selection of fixed income and equity strategies, as well as energy expertise. We are pleased that Stanton was retained to manage selected strategies and has an opportunity to participate as partner with Canoe in the expanded business. We look forward to meeting with advisors, and presenting the expanded set of excellent investment funds."
Blair Franklin Capital Partners Inc. is acting as financial advisor to O'Leary.
More information on the proposed changes related to the O'Leary funds can be found in our more detailed news release also issued today and posted on www.sedar.com and www.olearyfunds.com as well as in the amendment to the simplified prospectus of the O'Leary mutual funds, which will become available on SEDAR at www.sedar.com and the Manager's website at www.olearyfunds.com. Details about the changes will also be contained in meeting materials to be mailed to unitholders of the O'Leary Funds.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to the future outlook of the Funds and anticipated distributions, events or results and may include statements regarding the future financial performance of the Funds. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "anticipate", "believe", "intend" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information.
About O'Leary Funds Management LP
O'Leary Funds Management LP is a Canadian investment fund manager of mutual funds and closed-end funds striving to provide Canadian investors with reliable and strategic income solutions. Based on its value-yield investment philosophy, Canadian and global investment opportunities are identified through a disciplined investment process. Its core principles, Income, Capital Appreciation and Capital Preservation, are driven by each portfolios investment objectives. Our portfolios are diversified by sector, region and asset class. For more details about O'Leary Funds, visit www.olearyfunds.com.
About Canoe Financial LP
Founded in 2008, Canoe Financial LP is an investment management firm focused on building financial wealth for Canadians. Canoe is Canada's fastest-growing independent mutual fund company and currently manages approximately $3 billion in assets across a diversified range of award-winning mutual funds, flow-through limited partnerships and private energy equity products. Canoe has expanded from its Calgary head office to across Canada, including a significant presence in Toronto and offices in Vancouver, Winnipeg and Ottawa. To learn more about Canoe Financial and its investment products, visit www.canoefinancial.com.
SOURCE O'LEARY FUNDS MANAGEMENT LP