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Matthew Wood has resigned as an officer and director of Vancouver-based alternative investment manager Vertex One Asset Management, Inc., effective June 19.

Wood was also the portfolio manager of the Vertex Value Fund and the Vertex Enhanced Income Fund. In a release, Vertex One acknowledged that “performance of the Vertex Value Fund has been a challenge in recent years.”

Vertex One has entered into a non-binding letter of intent with PenderFund Capital Management Ltd. that will see Pender take over the primary portfolio management responsibilities of both funds on July 1, subject to certain customary conditions.

The Vertex Value fund will be managed by David Barr and Felix Narhi of Pender. The Vertex Enhanced Income Fund will be managed by Barr and Geoff Castle.

Vertex One will remain the investment fund manager of both funds, and CIBC Mellon will remain the custodian and trustee of the funds.