Phillips, Hager & North Investment Management Ltd.

Phillips, Hager & North Investment Management Ltd.

August 21, 2007 13:18 ET

PH&N Confirms No Non-Bank-Sponsored ABCP In Its Money Market Funds

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 21, 2007) - Phillips, Hager & North Investment Management Ltd. issued a statement today confirming that PH&N's money market funds have no exposure to asset-backed commercial paper (ABCP) issued by non-bank-sponsored conduits.

All asset-backed commercial paper owned in the PH&N Canadian Money Market Fund and the PH&N $U.S. Money Market Fund is sponsored by the major Canadian banks and is made up of stable asset pools such as high-quality mortgages, credit card receivables and auto loans. PH&N does not participate in any third-party conduits and/or structured programs. Our money market funds have no exposure to U.S. sub-prime issues or collateralized debt obligations.

"Given the publicized problems at certain third-party ABCP programs, we understand that investors may have questions about the safety of their money market assets," said John Montalbano, President of PH&N. "Our clients should feel secure knowing that PH&N's money market funds have no exposure to third-party ABCP programs. The assets in our money market portfolios have been judiciously selected by PH&N and are consistently the most stable, low-risk securities available in Canada."

Established in 1964, Phillips, Hager & North Investment Management Ltd. is one of Canada's leading independent investment counselling firms, with over $65 billion in assets under management on behalf of individual investors, institutional pension plans, foundations, endowments and non-profit organizations across Canada.

Contact Information

  • Phillips, Hager & North Investment Management Ltd.
    Chris W. Dotson
    Manager, Corporate Development and Communications
    (604) 408-6009
    (604) 685-5712 (FAX)
    Email: cdotson@phn.com
    Website: www.phn.com