Firm is taking sole responsibility for portfolio management due to corporate development
Purpose Investments has announced that effective December 30, Kawartha Asset Management Inc. will no longer act as investment advisor of Purpose Special Opportunities Fund.
As of the effective date, the responsibility of portfolio management will be transferred to Purpose, with the primary duties of managing the fund falling to Chief Investment Officer Greg Taylor.
“Greg is well-positioned to manage the Fund, given his extensive experience investing in the energy and materials sectors,” Purpose said in a statement.
The manager change is coming as a result of the closure of Kawartha Asset Management and the retirement of Norman Lamarche, who is the firm’s co-founder, president, and CEO.
“Managing Purpose Special Opportunities Fund has been an honour among many throughout my professional career,” Lamarche said.
“I’ve had the pleasure of knowing Greg Taylor for more than a decade, having worked together at Front Street Capital,” he continued. “He is capable and willing to do the deep dives necessary to invest successfully in the resource sectors. Investors in the Fund should rest assured knowing they are in good hands.”
Purpose also announced that as of the effective date, the fund will no longer be subject to a performance fee.
The investment objectives and strategies of the fund will not be changed as a result of the change of advisor or the removal of the performance fee.
