Pathway Asset Management

Pathway Asset Management

February 27, 2009 10:33 ET

Pathway Asset Management (Including MineralFields & EnergyFields) Announces new Portfolio Manager: William (Bill) Koenig

TORONTO, ONTARIO--(Marketwire - Feb. 27, 2009) - Pathway Asset Management, MineralFields Group and EnergyFields Group are pleased to announce that effective today, Mr. William D.B. Koenig, CFA, CMA has joined Pathway Investment Counsel Inc. as portfolio manager. Effective immediately, Mr. Koenig takes over portfolio management of all Pathway, MineralFields and EnergyFields flow-through limited partnerships, as well as the mining (MIN001) and energy (MIN002) series of the corporate class mutual fund Pathway Multi Series Fund Inc. Mr. Koenig assumes responsibility for functions that were previously delegated by Pathway Investment Counsel Inc. to two subadvisors, namely Kingsmont Investment Management Inc. and Brickburn Asset Management Inc. ("Brickburn"), whose subadvisory agreements were terminated effective today. Therefore, Pathway Investment Counsel Inc. will be the portfolio manager, with Mr. William Koenig as the individual portfolio manager, for each of Pathway Mining 2007 Flow-Through Limited Partnership, Pathway Mining 2007-II Flow-Through Limited Partnership, Pathway Mining 2007-III Flow-Through Limited Partnership, Pathway Quebec Mining 2007 Flow-Through Limited Partnership, Pathway Mining 2008 Flow-Through Limited Partnership, Pathway Mining 2008-II Flow-Through Limited Partnership, Pathway Quebec Mining 2008 Flow-Through Limited Partnership, Pathway Quebec Mining 2008-II Flow-Through Limited Partnership and Pathway Oil & Gas 2008 Flow-Through Limited Partnership.

Pathway Asset Management is grateful for the hard work and diligence of both Kingsmont (Paget Warner) and Brickburn in their subadvisory work to date.

Mr. Koenig has extensive experience in the resource sector and with flow-through investments. He had been managing the portfolios of Pathway Oil & Gas 2008 Flow-Through Limited Partnership, EnergyFields 2008 Special Flow-Through Limited Partnership, and the energy series (MIN002) of Pathway Multi Series Fund Inc. since 2008 to date, through Brickburn while he was employed as a portfolio manager at Brickburn.

Mr. Koenig was an early pioneer in the process of institutional investing in small cap companies. He was Chief Investment Officer of the Norrep Funds (Hesperian Capital) and helped oversee the growth of assets from $70 million to over $900 million in the four year period while he was there. He has more than 20 years of experience in the natural resource sector and has worked either as a research analyst or a portfolio manager for most of this period. As a research analyst, he was noted for identifying early stage companies whose growth profile would allow them to become some of Canada's biggest resource companies. This research focus continued in Mr. Koenig's work as a portfolio manager. Mr. Koenig was an early investor in the Canadian oil sands and continues to direct expenditures in exploration of Canadian resources.

Mr. Koenig holds CFA and CMA accreditations. He was co-author of two of the versions of the Standards of Practise for the CFA, and was chair of the ethics committee for CFA Curriculum Committee. Mr. Koenig has also devoted much time and effort on charitable endeavours, including Big Brothers and Big Sisters, Canadian Progress Charitable Foundation and is a member of Canadian Progress Club.

Mr. Koenig has been enthusiastically received by investment advisors at his numerous roadshow seminars as a result of his clear and concise analysis that has been remarkably accurate and prescient. Mr. Koenig's commitment to rigorous and meticulous due diligence was noticed early by Pathway Asset Management, and in the words of Pathway President Joe Dwek "the cream always rises, and we knew sooner or later we need someone of Bill's calibre to add even more depth to an already very deep due diligence team".

10 of Pathway Asset Management's last prospectus offerings all sold out and were oversubscribed, namely, Pathway Mining 2006 Flow-Through Limited Partnership, Pathway Mining 2006-II Flow-Through Limited Partnership, Pathway Mining 2007 Flow-Through Limited Partnership, Pathway Mining 2007-II Flow-Through Limited Partnership, Pathway Mining 2007-III Flow-Through Limited Partnership, Pathway Quebec Mining 2007 Flow-Through Limited Partnership, Pathway Mining 2008 Flow-Through Limited Partnership, Pathway Quebec Mining 2008 Flow-Through Limited Partnership, Pathway Oil & Gas 2008 Flow-Through Limited Partnership and Pathway Quebec Mining 2008 Flow-Through Limited Partnership.

Pathway Group's first offering - Pathway Mining 2005 Flow-Through Limited Partnership - which closed in late 2005, was dissolved 20 months ahead of schedule, on May 8, 2006, and rolled over into an RRSP-eligible mutual fund corporation (Pathway Multi Series Fund Inc.) to provide investors with early liquidity on a tax-deferred basis. At early dissolution, each $10 unit was worth $19.90, representing a pre-tax return of 99 %, and an after-tax return of 325.98 % before factoring in capital gains tax, and 227.13 % when capital gains tax is factored in (the after-tax returns are calculated in accordance with certain assumptions disclosed in the prospectus). Pathway Group's second offering - Pathway Mining 2006 Flow-Through Limited Partnership - was also dissolved and rolled over 16 months ahead of schedule @ $11.19 per $10.00 unit, with an after-tax return of 140.99 % before factoring in capital gains tax, and 85.00 % when capital gains tax is factored in (the after-tax returns are calculated in accordance with certain assumptions disclosed in the prospectus). Pathway Group's third offering - Pathway Mining 2006-II Flow-Through Limited Partnership - was also dissolved and rolled over 7 1/2 months ahead of schedule @ $10.09 per $10.00 unit, with an after-tax return of 116.61 % before factoring in capital gains tax, and 66.35 % when capital gains tax is factored in (the after-tax returns are calculated in accordance with certain assumptions disclosed in the prospectus). In other words, Pathway Asset Management has dissolved and rolled over each of its first 3 prospectus offerings way ahead of schedule, and above par.

Pathway Asset Management and its affiliates have raised $556,178,570 in their flow-through limited partnerships to date since their inception, and currently have two flow-through limited partnership preliminary prospectuses filed -- Pathway Mining 2009 Flow-Through Limited Partnership and Pathway Quebec Mining 2009 Flow-Through Limited Partnership.

Pathway is a diversified financial products and asset management company headquartered in Toronto, with offices also in Montreal, Vancouver and Edmonton. Pathway mutual funds are distributed through licensed financial advisors and investment dealers.

Information on Pathway Asset Management can be obtained by visiting the website www.pathwayam.com or by contacting them by e-mail at jd@mineralfields.com, by telephone at (416) 665-9339 ext 221, toll-free at 1 (800) 339-9169 ext 221, or by facsimile at (416) 665-9331.

Contact Information

  • Pathway Asset Management
    Imtiaz Hashmani
    CFO
    (416) 665-9339 Ext. 229 or Toll Free 1-800-339-9169 Ext. 229
    (416) 665-4772 (FAX)
    Website: www.pathwayam.com