Altamira to launch five clone funds

The firm has filed a preliminary prospectus to launch clones of a handful of popular funds. The new clones include: Altamira RSP Global Diversified Fund, Altamira RSP Global 20 Fund, Altamira RSP Health Sciences Fund, Altamira RSP Biotechnology Fund, and the Altamira RSP Global Telecommunications Fund. The new funds boost Canadian content options for Altamira investors.

These new funds come at a time when it is speculated that Altamira itself may soon go public. The firm refuses to comment on these rumours, saying only that it is open to all sorts of alternatives.

Rumours of an IPO for Altamira have been swirling since Manulife Financial divested its one-third ownership in the company. Investment partnerships managed by Boston’s TA Associates Inc. acquired approximately 33% control at that time, the rest of the float resides with various investors including the founding shareholders and current management.

TA Associates famously led a US$215 million recapitalization of AIM in August 1993. In early 1997, AIM merged with Invesco plc, to form AMVESCAP plc in a US$1.8 billion cash and stock deal. Earlier this year Amvescap took out Trimark Financial Corp.

One thing Altamira will confirm is that Sue Coleman, former lead manager of the Altamira Special Growth Fund and Co-Manager of the Triax Growth Fund and the Altamira Equity Fund, will not be returning to the firm. Just over a year ago, the firm announced that she was taking a leave of absence to spend more time with her family. She was replaced by Alex Sasso.