Under the acquisition, announced Tuesday, portfolio managers and advisors from both firms will continue to provide services to their respective funds.
Arrow and Blumont have come together under one roof, the Toronto-based firms announced Tuesday.
Arrow Capital Management ("Arrow") annouced the acquisition Tuesday after receiving all necessary approvals of applicable securities regulatory authoritiesa and completing the purchase of BluMont Capital Corporation (“BluMont”) from Integrated Asset Management Corp. (TSX:IAM) on Monday.
BluMont is the manager of the Exemplar Global Agriculture Fund, the Exemplar Global Infrastructure Fund, the Exemplar Leaders Fund, the Exemplar Timber Fund, the Exemplar Yield Fund, the Exemplar Canadian Focus Portfolio and the Exemplar Diversified Portfolio (the “Exemplar Funds”). Arrow will continue to use the Exemplar Funds brand for our actively managed prospectus offered mutual funds.
Effective immediately, James McGovern, Chief Executive Officer of Arrow and Robert Maxwell, Chief Financial Officer of Arrow, will become the respective Chief Executive Officer and Chief Financial Officer of BluMont. Also, Mr. McGovern and Mr. Maxwell have been appointed as directors of BluMont, such that the board of directors of BluMont will be comprised of James McGovern, Robert Maxwell and Veronika Hirsch. The same individuals also are now the officers and directors of the Exemplar Portfolios Ltd., which includes the Exemplar Canadian Focus Portfolio class of shares and the Exemplar Diversified Portfolio class of shares. (continued on Page 2.)
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Portfolio managers and advisors from both firms, including Veronika Hirsch, Alex Ruus, Capital Innovations, LLC and Integrated Managed Futures Corp., will continue to provide services to their respective funds. The combined platforms will provide investors with greater investment choices, an improved level of service, and the expectation of a decrease in costs based on the capacity of a larger company.
The Independent Review Committee for the Exemplar Funds has been re-constituted with members Ross MacKinnon, Ronald Riley and John Anderson. At a special meeting of the security holders of the Exemplar Funds, the security holders approved a change of manager from BluMont to Arrow. Arrow intends to amalgamate with BluMont within the next six months continuing under the name “Arrow Capital Management Inc."
The directors and senior officers of the combined company will be the current directors and senior officers of Arrow. Arrow has $1.2 billion in assets under management, including its joint venture with Generation Asset Management based in London, U.K.
