TORONTO, Jan. 29, 2018 (GLOBE NEWSWIRE) -- Ninepoint Partners LP (Ninepoint Partners) announced today that it has entered into an agreement with Redwood Asset Management Inc. to purchase the right to manage the UIT Alternative Health Fund (the Fund) as provided in the Fund’s material contracts. The Fund will continue to be sub-advised by Faircourt Asset Management Inc. during and after the proposed transaction and there will be no changes to the investment objectives or strategies of the Fund.
After the closing of the proposed transaction, the trustee of the Fund will change from Redwood Asset Management Inc. to Ninepoint Partners and a new declaration of trust will govern the Fund. The auditor of the Fund will change from Ernst & Young LLP to KPMG LLP. Additionally, there will be an increase in the fees charged to the Fund.
The proposed transaction is subject to the receipt of all necessary regulatory approvals and approval by the unitholders of the Fund. Details about the changes will be contained in meeting materials to be mailed to unitholders of the Fund. If the requisite approvals are obtained, it is expected that the proposed transaction will close in April 2018.
About Ninepoint Partners
Ninepoint Partners is an independent investment manager committed to adding value to investors’ portfolios while helping to differentiate advisors’ businesses.
Based in Toronto, Ninepoint Partners has assumed portfolio management of the Canadian diversified assets of Sprott Asset Management (SAM), including actively managed hedge and mutual funds, while also offering leading resource and precious metals strategies through an exclusive sub-advisory relationship with SAM. The new firm oversees approximately $3 billion in assets under management.
Please visit www.ninepoint.com to learn more.
About Faircourt Asset Management Inc
Faircourt Asset Management Inc. is an employee owned investment management company, widely recognized as an innovator in the Canadian fund industry. Faircourt was founded in 2002 and has established a reputation for innovative investment solutions. Faircourt created UIT Funds in 2016, offering unique investment themes for Canadian investors. The firm manages and advises closed end funds, mutual funds and institutional mandates with approximately $650 million in assets under administration.
Please visit www.faircourtassetmgt.com and www.uitfunds.com to learn more.
About Redwood Asset Management
Redwood Asset Management Inc. is a Toronto-based investment fund manager, focused on delivering unique investment solutions managed by boutique global investment managers to Canadian investors. Redwood Asset Management Inc. is a wholly owned subsidiary of Purpose Investments Inc., which has over $4.9 billion in assets under management. More information about Redwood’s product offerings is available at www.redwoodasset.com.