MONTREAL, Aug. 22 /CNW Telbec/ - Professionals' Fund - Mutual Funds Inc.
(Professionals' Fund) plans to redeem the non-Canadian bank sponsored
asset-backed commercial paper (ABCP) held by the Professionals' Short Term
Fund of Professionals' Fund. This action will prevent unitholders from being
penalized by the current fluctuations of these investments, which are
affecting money market funds due to the lack of liquidity on the market.
Professionals' Fund has applied for regulatory approval to redeem ABCP
securities. The President of Professionals' Fund, Frédéric Bélanger, declared:
"Our mission remains the preservation of our clients' capital. By taking this
action, we ensure that they are no longer exposed to the current ABCP market
so that they can have access to their liquidity as needed."
Professionals' Fund plans to promptly redeem the ABCP securities held by
the Professionals' Short Term Fund at 100% of the acquisition price plus
accrued interest once regulatory approval is obtained.
About Professionals' Fund Group
Professionals' Fund Group serves the following professional/shareholder
groups: the Federation of Medical Specialists of Québec, the Association des
chirurgiens dentistes du Québec, the Corporation de service des notaires du
Québec, the Association of Architects in Private Practice of Québec and the
Association québécoise des pharmaciens propriétaires. The members of the
Fédération des médecins résidents du Québec, a partner of Professionals' Fund
Group, also have access to the same services. Initially designed for
professionals not covered by a pension plan and their family members,
Professionals' Fund Group today offers complete and personalized mutual fund,
private wealth management and financial, estate and retirement planning
services. The Group actively manages assets of more than $1.8 billion for more
than 8,500 clients. It is headquartered in Montreal, with offices in Québec
City and Sherbrooke.
For further information:
For further information: François Landry, CFA, Vice-President and Chief
Investment Officer, Professionals' Fund Group, (514) 350-5095, 1 888 377-7337,
Fax: (514) 350-5155, firstname.lastname@example.org, For more details:
www.groupefdp.com; Marie Annick Dell'Aniello, Project Manager - Communications
and Marketing, Professionals' Fund Group, (514) 350-5058 / 1 888 377-7337,
Fax: 514 350-5060, email@example.com, For more details:
www.groupefdp.com; Source: Professionals' Fund Group