TORONTO and MONTREAL, May 27, 2015 /CNW Telbec/ - Fiera Capital Corporation ("Fiera Capital") is pleased to announce the closing of the initial public offering (the "Offering") of Real Asset Income and Growth Fund (the "Fund") for aggregate gross proceeds of approximately $52 million. Pursuant to the Offering, the Fund issued Class A Units at a price of $10.00 per Class A Unit and Class U Units at a price of US$10.00 per Class U Unit (collectively, the "Units"). The Fund has granted the Agents an over-allotment option, exercisable for a period of 30 days from today's date, to purchase up to an additional 735,054 Class A Units.
The Class A Units are listed on the Toronto Stock Exchange under the symbol RAI.UN. The Class U Units are designated for investors wishing to make their investment in U.S. dollars and will not be listed on an exchange but are convertible into Class A Units on a monthly basis.
The Fund's investment objectives are to provide holders of Units with monthly cash distributions and the opportunity for capital appreciation as well as to preserve capital. The Fund has been created to invest on an actively managed basis across the capital structure of global real asset-related issuers. The portfolio of the Fund will be comprised primarily of publicly traded securities of issuers with significant exposure to income producing physical assets in the infrastructure and real estate sectors. The Fund's distributions are initially targeted to be $0.04167 per Class A Unit per month ($0.50 per annum) and US$0.04167 per Class U Unit per month (US$0.50 per annum) to yield 5.0% per annum on the subscription price per Unit.
Fiera Capital is the manager and promoter of the Fund. Fiera Capital has retained Nuveen Asset Management, LLC ("Nuveen") to provide portfolio management services to the Fund. Nuveen has approximately U.S. $138 billion in assets under management as of March 31, 2015, including approximately U.S. $10 billion in real assets.
The syndicate of agents for this Offering was led by CIBC and RBC Capital Markets, and included National Bank Financial Inc., Scotiabank, BMO Capital Markets, TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Canaccord Genuity Corp., Dundee Securities Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated (collectively, the "Agents").
The Offering is made only by prospectus. The prospectus contains important detailed information relating to the units being offered. Copies of the prospectus may be obtained from any of the Agents. Investors should read the prospectus before making an investment decision.
About Fiera Capital
Fiera Capital Corporation is a leading publicly-traded, independent investment firm with offices in major financial centres across North America. Fiera Capital offers the full array of traditional and alternative investment solutions for institutional, private wealth and retail clients, as well as a proactive and tactical asset allocation process. In the U.S., asset management services are provided by Fiera Capital's U.S. subsidiaries, Bel Air Investment Advisors LLC and Wilkinson O'Grady & Co., Inc. For more information, visit www.fieracapital.com.
SOURCE Real Asset Income and Growth Fund
For further information: For inquiries regarding the Fund, please contact Krista Matheson, Senior Vice President, Retail Markets, Fiera Capital, 416-955-4929; www.fieracapital.com