TORONTO, ONTARIO--(Marketwire - Aug. 29, 2012) - Creststreet Asset Management Limited ("Creststreet") and Brompton Funds Limited ("Brompton") are pleased to announce that they have entered into an agreement for Brompton to acquire the rights to manage the Creststreet mutual funds and specialty funds. The Creststreet funds (collectively, the "Funds") include:
- Creststreet Resource Fund;
- Creststreet Dividend & Income Fund;
- Creststreet Alternative Energy Fund; and
- Creststreet Energy Opportunities Fund.
The transaction is expected to be completed on or about November 30, 2012 and is subject to applicable shareholder and regulatory approvals and certain other terms and conditions. In addition, it is expected that certain key Creststreet personnel will join Brompton at the time of closing to assist in the ongoing management and operations of the Funds. Further information about this transaction will be provided in a Creststreet information circular to shareholders of the mutual funds, which is expected to be sent on or about September 28, 2012.
In addition, Creststreet intends to move up the rollover dates of its Creststreet 2011 and Creststreet 2011(II) Flow-through Limited Partnerships into the Creststreet Resource Fund from January 18, 2013 to a date in mid-November, 2012. Further information will be provided to unitholders of these funds once the rollover date has been determined.
Creststreet believes the long term interests of its investors in the Creststreet Funds are best served by entering into this arrangement, whereby the management of all Creststreet Funds are combined into Brompton, a larger, more diversified, leading investment fund and portfolio manager.
This acquisition will provide Brompton with continuous offering, open-end mutual fund products to further complement its closed-end fund management business. The mutual funds will also provide a liquidity mechanism for Brompton's flow-through funds, including the Brompton 2012 Flow Through Limited Partnership which was completed earlier this year.
Brompton currently manages 12 closed-end and flow-through funds with assets under management of approximately $1.2 billion. Brompton launched its first closed-end investment fund in February 2002 and currently offers a range of monthly income and growth products, all of which trade on the TSX, as well as flow-through limited partnerships. Brompton is focused on meeting the needs of investors by offering innovative products with client friendly terms and supported by strong corporate governance.
For further information please contact: Robert Toole, Chief Executive Officer, Creststreet Asset Management Limited, (416) 862-7018; Mark Caranci, Chief Executive Officer, Brompton Funds Limited, (416) 642-6004.