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Marret Multi-Strategy Income Fund files final prospectus

Date: Tuesday, March 1, 2011
Author: Investment Executive

Fundís five portfolios managed separately


Marret Multi-Strategy Income Fund has filed a final prospectus for a $350 million offering, Marret Asset Management Inc. said Monday.

The Fund will be managed by Marret and is offering up to 29,166,667 Class A and/or Class F units at a price of $12.00 per unit.

The fund has been created to provide investors with attractive, risk-adjusted returns and tax-advantaged distributions and the opportunity for capital appreciation through exposure through a forward agreement to five diversified, actively managed investment portfolios consisting primarily of income-generating securities.

The five separate portfolios will be managed by: Barry Allan of Marret; Paul Sandhu of Marret; Brad Dunkley and Blair Levinsky of WARATAH Capital Advisors Ltd.; John Schumacher and Michael MacBain of East Coast Fund Management Inc.; and Michael Ruscetta of RCM Partners Inc.

The fund will seek generate equity-like returns with substantially less volatility than the S&P/TSX Composite Index, and provide unitholders with attractive, risk adjusted, quarterly, tax advantaged cash distributions, initially targeted to be 5% per year on the original issue price of $12.00 per unit.

The syndicate of agents for the offering is being led by RBC Capital Markets and CIBC and includes GMP Securities L.P., TD Securities Inc., BMO Capital Markets, Scotia Capital Inc., Dundee Securities Ltd., HSBC Securities (Canada) Inc., National Bank Financial Inc., Canaccord Genuity Corp., Raymond James Ltd., Wellington West Capital Markets Inc., Macquarie Private Wealth Inc. and Manulife Securities Incorporated.

The fund has also granted the agents an over-allotment option to purchase up to an additional 4,375,000 Class A units at $12.00 per unit. The offering is expected to close on March 18.