Calgary-based Canoe Financial LP launched two new mutual funds on Monday.
The first fund, Canoe Global Income Fund, is meant to provide a high level of current income with an emphasis on capital preservation and some appreciation.
The fund will be managed by Aegon Capital Management in Toronto and sub-advised by Aegon USA Investment Management, with headquarters in Cedar Rapids, Iowa. In December 2012, the Alberta Securities Commission granted relief to Aegon USA to act as an unregistered sub-advisor to the Canoe Global Income Fund.
The Canoe Global Value Class, the second fund introduced, offers investors long-term capital growth. The fund will invest in a range of small, medium and large capitalization equity securities.
Tim McElvaine, president of McElvaine Investment Management Ltd. in Victoria, will sub-advise the fund.
Canoe Financial manages about $1.7 billion in assets as of July 31.