TSX Symbols: MHY.UN, MIG.UN, MMF.UN, MAR
TORONTO, Sept. 26, 2013 /CNW/ - Marret Asset Management Inc. ("Marret") today announced that CI Financial agreed to acquire a majority interest in Marret, the manager of the Marret closed end funds, which include Marret High Yield Strategies Fund (TSX: MHY.UN), Marret Investment Grade Bond Fund (TSX: MIG.UN), Marret Multi Strategy Income Fund (MMF.UN) and Marret Resource Corp. (TSX: MAR). Marret will continue to be the manager of the Marret closed end funds following the transaction, which is subject to regulatory approval.
"We are delighted that Barry Allan and the team at Marret are joining CI," said Stephen A. MacPhail, CI President and Chief Executive Officer. "Barry is an accomplished portfolio manager who has made Marret a top name in fixed-income and alternative investing in Canada."
"We are pleased to be working with CI, one of Canada's largest and most successful investment management firms," said Mr. Allan. "We look forward to new opportunities to offer our expertise to Canadian investors as part of the CI fund lineup."CI is purchasing 65% of Marret, along with an option to acquire the remainder after three years. Mr. Allan, who founded Marret in 2001, is backed by a highly experienced team of 11 portfolio managers and research analysts. The firm focuses on investing in investment-grade and high-yield corporate debt, and alternative strategies on behalf of institutional, high net worth and retail clients. Marret offers its own suite of funds and has acted as a sub-advisor on a number of funds, including large income-oriented mutual funds. Over the past decade, Marret has achieved strong returns and earned numerous industry awards for performance, including Lipper Fund and Morningstar Canadian Investment Awards.