Newport Investment Counsel Inc.

Newport Investment Counsel Inc.

March 02, 2007 14:00 ET

Newport Investment Counsel Announces Changes to the Sub-Advisors of the Global Equity Portfolio

TORONTO, ONTARIO--(CCNMatthews - March 2, 2007) - Newport Investment Counsel Inc. ("Newport"), manager and trustee of the Newport Funds, announces its intention to appoint Pier 21 Asset Management Inc. as sub-advisor to The Newport Global Equity Fund. Established in 2005, Pier 21 Asset Management's focus is to offer a variety of international investment opportunities through strategic alignments with well established investment managers from around the world. Their investment management function is outsourced to these carefully selected international partners. Their philosophy is that the best international managers have access to the markets where they invest and having a presence around the globe provides multi-local insight and adds value to international investment philosophies and processes.

Pier 21 Asset Management will manage a component of The Newport Global Equity Fund with a directive to invest in equities outside Canada, with a bias outside North America. They will be joining Black Creek Investment Management Inc. and Boyar Asset Management Inc. as sub-advisors of the Newport Global Equity Fund.

Newport also announces the termination of UBS Global Asset Management (Canada) Co. ("UBS") as sub-advisor for the Newport Global Equity Fund. UBS was a sub-advisor of the Newport Global Equity Fund and previously the Newport US Equity Fund, since the inception of the Fund.

About Newport

Newport Investment Counsel Inc. is a Toronto-based firm wholly owned by Newport Partners LP. Newport provides personal and corporate wealth management to individuals and families and currently has $1.2 billion of assets under management.

Contact Information

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