BluMont Capital Corporation

BluMont Capital Corporation

December 01, 2010 15:09 ET

BluMont Capital Corporation Completes Mutual Fund Merger of the Exemplar Leaders Fund

TORONTO, ONTARIO--(Marketwire - Dec. 1, 2010) - BluMont Capital Corporation ("BluMont Capital") announced today that the merger of BluMont Canadian Fund (the "Canadian Fund") into Northern Rivers Conservative Growth Fund (the "NR Fund") has been completed. Immediately after the merger, the name of the Northern Rivers Conservative Growth Fund was changed to Exemplar Leaders Fund (the "Leaders Fund"). 

The termination of the Canadian Fund was effective as of November 26, 2010 (the "Effective Date"). In that regard, BluMont Capital afforded unitholders of the Canadian Fund (the "Unitholders") the ability to participate in the wind-up of the Canadian Fund as at the Effective Date by way of an in-kind transfer of their investment to the NR Fund.

The exchange ratio, based on the final net asset value of the Canadian Fund and the November 26, 2010 net asset value of the NR Fund, Class A, was 0.712 units in the NR Fund for every one Canadian Fund unit held. The Canadian Fund termination did not occur on a tax-deferred basis and Unitholders should consult with their tax advisors in this regard.

    NAV per unit – Number of NR Fund Units
    November 26, 2010 per Canadian Fund Unit
       
Canadian Fund $ 19.003 0.712
NR Fund, Class A $ 26.699  

As of the Effective Date, the management fee of the Leaders Fund, Class A, was reduced from 2.5% per annum to 1.8% per annum, exclusive of HST. In addition, and in order to streamline its operations and reduce costs, BluMont Capital changed the auditors of the Leaders Fund from Ernst & Young LLP to PricewaterhouseCoopers LLP. There has been no disagreement or dissatisfaction with Ernst & Young LLP and the change is being made solely as a result of the efficiencies and cost savings that will be achieved by having the auditors for the Leaders Fund be the same as the auditors for BluMont Capital's other funds.

On the Effective Date, the Canadian Fund ceased to be a reporting issuer (or its equivalent) in all of the provinces of Canada in which it had such status.

The Exemplar Leaders Fund is managed by Alex Ruus and Veronika Hirsch.

About BluMont Capital

From mutual funds to alternative solutions, BluMont Capital's products are designed to protect your capital regardless of market conditions. We have the vision to go beyond convention by empowering our portfolio managers with flexible mandates and the freedom to perform in any market environment.

BluMont Capital is a wholly-owned subsidiary of Toronto-based Integrated Asset Management Corp. (TSX:IAM), a leading Canadian alternative asset investment management company with approximately C$2.3 billion in assets and committed capital under management in private corporate debt, real estate, private equity, managed futures, global bonds and retail alternative investments (www.iamgroup.ca).

Contact Information

  • BluMont Capital
    James Wanstall
    CEO
    416.216.3566 or 866.473.7376