Jovian takes control of Horizon

Date: Thursday, June 1, 2006
Author: Advisor.ca

Jovian Asset Management has acquired a controlling stake in Horizons Funds, a developer, distributor and manager of alternative investment products, including the Horizons Mondiale Hedge Fund.

"This acquisition represents another important step in helping our asset management platform become a significant player in the management of alternative asset products," said Philip Armstrong, president and CEO of Jovian.

Jovian paid $605,000 in cash and has issued 2,028,774 common shares for the 51.7% stake, or about $2,654,000, with the Jovian shares to be held in escrow for two years. The purchase brings Jovian's stake in Horizons to 53.7%. Jovian said in a statement is planned to acquire more Horizon shares over time.