First Asset Investment Management Inc. announced that First Asset Investment Grade Bond ETF will commence trading today on the Toronto Stock Exchange as an exchange-traded fund under the symbol FIG.…
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Marret Asset Management Inc. will continue to provide portfolio management services to the Fund and Paul Sandhu, Vice-President, Portfolio Manager at Marret will continue as lead portfolio manager.
The investment objectives of the ETF are to provide unitholders with monthly cash distributions and to maximize total returns for unitholders consisting primarily of monthly distributions, while reducing risk and preserving capital. Under normal market conditions, the ETF will be primarily invested in investment-grade bonds and other investment-grade debt securities.
“The conversion of this Fund into an ETF is exciting for us and our investors,” Mr. Sandhu said. “It combines the benefits of active management provided by our credit research team, including access and execution, with the benefits of the ETF structure, including transparency, tax efficiency, liquidity and low cost.”
As previously announced by First Asset and Marret, the conversion of the Fund from the Marret Investment Grade Bond Fund was approved at a special meeting of unitholders held on May 18, 2016, as more particularly described in the management information circular mailed April 18, 2016. First Asset and Marret are affiliated companies.
Source: ETFWorld.com
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