(September 19 – 09:45 ET) – First International Asset Management Inc. is reporting that two of its subsidiaries, Marathon Mutual Funds Inc. and Northwest Mutual Funds Inc., are merging their operations.
Through this merger with Marathon, Northwest is launching a Specialty series of funds consisting of five funds:
Northwest Specialty Innovation Fund, managed by Triax Investment Management Inc.’s Bob McWhirter, will invest in North American listed equities with a minimum market capitalization of US$1 billion. The fund will launch in December 2000.
Northwest Specialty Equity Fund, managed by Wayne Deans of Deans Knight Capital Management Ltd., will invest primarily in Canadian companies of all sizes and follow the principles of “growth at a reasonable price”.
Northwest Specialty Resource Fund, also managed by Deans, will invest in neglected resource companies and focusing specifically on oil and gas, forest products, and metals and minerals.
Northwest Specialty High Yield Fund is managed by Doug Knight of Deans Knight. It will invest 80% of its net assets in high-yield corporate bonds with the objective of generating a high level of current income. The fund will launch in late October 2000.
Northwest Specialty Aggressive Growth Fund, managed by Triax Investments Inc.’s Brendan Kyne, is following a “U.S. style of aggressive investing”, primarily in Canadian equities with a capitalization of less $1 billion and focused in technology.
“We are expanding our portfolio through this merger with the Marathon funds,” says Michael Butler, president of the mutual fund division of First International and president and CEO, Northwest Mutual Funds. “There is a demand for specialty funds and this merger enables us to enhance our offer of top-notch investment management and superior customer service to our network of elite financial advisors, brokers and dealers.” Northwest is 75% owned by First International Asset Management Inc. and 25% by Northwest Mutual Funds management.
“This merger is a positive step and consistent with the trends currently evolving in the mutual fund industry,” says Darren Parent, director, CIBC World Markets. “The enhanced economies of scale and operating efficiencies should be positive for Northwest unitholders through a wider range of products and lower MERs.”
-IE Staff