Redwood Asset Management, Ark Funds to Merge |
Date: Wednesday, September 9, 2009
Author: Marketwire.com
Redwood Asset Management Inc. and Ark Financial Holdings Ltd. are
pleased to announce their recent merger. The combined firm will
continue to offer the highest quality mutual fund and alternative
strategy funds delivering equity, income and market-neutral strategies
to Canadian investors.
"The synergies between our two firms were just too large to
ignore," said Redwood CEO Jonathan Clapham. "Our products are
complementary, our people mesh well together and with this combination
we are better positioned to grow both organically and through
acquisition."
There are no changes to the firms' Funds or sub-advisors which
include Aston Hill Financial, Lawrence Decter Investment Counsel,
SciVest Capital Management, NorthRoad Capital Management and Sentry
Select Capital.
"While our companies will consolidate, investors in our Funds won't
see any changes on their portfolio statements. We will promote three
distinct brands within our fund family. The Redwood Funds, a
performance-oriented fund family; core offerings through the Ark Funds
and Market-Neutral through the SciVest family of Funds," explained
Peter Shippen, the new President of Redwood Asset Management Inc. and
founder of Ark Fund Management Ltd.
While clients will not see any changes in the names or management
of their Funds, they will benefit from Fund cost synergies and a
strengthened compliance and oversight infrastructure. Investment
Advisors across Canada will benefit from broader sales coverage and
improved marketing tools.
"This is a win-win for investment advisors and their clients. We
look forward to continuing our significant growth while establishing
ourselves as an attractive business partner for asset managers and
portfolio managers who wish to leverage our sales, compliance and
distribution infrastructure," Shippen said.