Newport Investment Counsel Inc.

Newport Investment Counsel Inc.

December 27, 2006 16:43 ET

Newport Announces Fund Merger and Name Change

TORONTO, ONTARIO--(CCNMatthews - Dec. 27, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Newport Investment Counsel Inc., manager and trustee of the Newport Funds, announced the merger of the Newport U.S. Equity Fund into the Newport International Equity Fund. Immediately after the merger the name of the merged fund will be changed to the Newport Global Equity Fund. The investment objectives of the merged fund will be broadened to include investments in securities outside of Canada.

The sub-advisors for the merged fund will be UBS Global Asset Management Inc., Boyar Asset Management Inc. and Black Creek Investment Management Inc., the same sub-advisors previously engaged by the Newport U.S. Equity and Newport International Equity Funds.

The merger will reduce fixed costs and variable costs will be spread over a larger asset base. Investors will also be able to access a larger pool of investment managers through the merged fund.

ABOUT NEWPORT

Newport Investment Counsel Inc. is a Toronto-based firm that provides personal and corporate wealth management to individuals and families. Newport currently has $1.1 billion of assets under management.

Contact Information

  • Newport Investment Counsel Inc.
    Kelly Baird
    (416) 867-7555