(September 19 – 10:10 ET) – University Avenue Financial Corp.’s board of directors and the Canadian Venture Exchange have approved the fund company’s merger with @rgentum Research and Management Corp.
The official closing of the deal is expected to take place by September 28. @rgentum will continue operations in Montreal as a division of University Avenue, which is currently based in Toronto.
“The consolidation of the two companies will produce synergistic benefits in the form of increased revenues and reduced operational and back office expense,” said John Loeprich, COO and CFO of University Avenue. “As soon as the closing is completed, we will implement actions designed to help us realize the benefits that we planned. An important part of our focus will be a continued commitment to portfolio management, administration and back office servicing in our Montreal office.”
“The merger is receiving enthusiastic support from our employees and our sales staff is excited about the opportunity to increase the market penetration of our combined family of funds,” said Fred Pye, president of @rgentum.
“The merger will enable us to broaden our infrastructure and market all of our mutual fund products through the same distribution channel. @rgentum’s product line concentrates on computer-driven processes and the University Avenue Funds are an excellent fit with our ‘Tradition meets Technology’ slogan,” said Pye.
-IE Staff