TORONTO, March 22, 2016 /CNW/ - Redwood Asset Management Inc. ("Redwood") and AIP Asset Management Inc. ("AIP") announced that the merger (the "Merger") of Redwood Global Macro Class (the "Terminating Fund") into AIP Global Macro Class (the "Continuing Fund") was completed after the close of business on March 18, 2016.
The Merger was approved by the Terminating Fund's shareholders at a special meeting held on February 26, 2016.
The Continuing Fund is a mutual fund managed by AIP and is a class of mutual fund shares of AIP Mutual Funds Corporation. The Terminating Fund is managed by Redwood and is a class of mutual fund shares of Ark Mutual Funds Ltd. As a result of the Merger, shareholders of the Terminating Fund have therefore become shareholders in an equivalent series of shares of the Continuing Fund and now hold an interest in a mutual fund managed by AIP, rather than Redwood.
The Merger was implemented on a taxable basis, however, it is anticipated to benefit shareholders of the Terminating Fund for a variety of reasons, including an expected reduction in management fees. AIP has been the portfolio manager of the Terminating Fund since inception and will remain as the portfolio manager for the Continuing Fund. The Terminating Fund will be wound up shortly.
AIP is a Toronto-based asset management company managing hedge and mutual funds and discretionary separately managed accounts. AIP has been named Best Emerging Market Focused Private Investment Firm in North America at the Alternative Investment Awards. It was also named Best Macro Hedge Fund in Canada at the Hedge Fund Awards sponsored by Barclay Hedge and was nominated for the Ernst and Young Entrepreneur of the Year Award.
This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to U.S. news wire services.
This news release contains certain "forward-looking statements". The statements that are not historical facts contained in this press release are forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE Redwood Asset Management Inc.
For further information: Peter Shippen, President, Redwood Asset Management Inc., Tel: (416) 304-6811, Fax: (416) 368-1608, e-mail: email@example.com, www.redwoodasset.com; Jay Bala, President, AIP Asset Management Inc., Tel: (416) 601-0808, www.aipassetmanagement.com