(July 24 – 09:35 ET) – Nova Bancorp Wealth Management Ltd. and Nova Bancorp Investment Management Ltd. have accepted the resignation of Bonham & Co. Inc. as sub-advisor for certain Strategic Value funds, effective July 21. Several of the managers will be joining Nova, however.

Bonham will remain as sub-advisor until July 28. After that all portfolio management duties for Strategic Value Canadian Equity Fund, Strategic Value Canadian Equity Value Fund, Strategic Value Canadian Small Companies Fund, Strategic Value Global Balanced RSP Fund, O’Donnell Canadian Emerging Growth Fund and O’Donnell Canadian Large-Cap Fund, and privately placed Strategic Value Fund will be assumed by Nova Bancorp Investment Management Ltd.

Nova Bancorp Investment Management has picked up five new investment managers from Bonham and several will continue their assignments. Michael Labanowich will continue as manager of the Strategic Value Income Fund, the Strategic Value Government Bond Fund, the O’Donnell High Income Fund, the O’Donnell U.S. High Income Fund, the Strategic Value Money Market Fund and the O’Donnell Money Market Fund. He will also manage several new funds to be launched by Nova Bancorp — including multi-manager funds — to be rolled out by Nova in the fall.

Steven Wippersteg will continue managing the O’Donnell Canadian Large-Cap Fund and the O’Donnell American Sector Growth Fund. Andrew Cook will continue managing the Strategic Value Canadian Small Companies Fund and the Strategic Value Global Balanced RSP Fund. Michael White will be the manager of the O’Donnell Growth Fund. Elizabeth Taylor will continue as manager of the O’Donnell Canadian Emerging Growth Fund.

Nova is currently in the process of integrating products and systems following the acquisition of Strategic Value. Its four product lines — Strategic Value, O’Donnell, Navigator, and Nova Funds — will be brought together so as to allow switching between the fund families. Administrative and back office systems are being amalgamated.
-IE Staff