Phillips, Hager & North Investment Management Ltd.

Phillips, Hager & North Investment Management Ltd.

July 04, 2005 14:00 ET

Phillips, Hager & North acquires BonaVista Asset Management

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 4, 2005) - Phillips, Hager & North Investment Management Ltd. announced today that it has signed an agreement to acquire BonaVista Asset Management Ltd. BonaVista will continue to operate as a distinct company and will continue to provide service directly to its clients.

This agreement allows PH&N to restructure its U.S. equity research resources. Carl Lytollis, manager of the BonaVista U.S. Equity Fund, has assumed the position of Vice President and head of U.S. equity research at PH&N. He will immediately assume responsibility for U.S. equity assets under management at PH&N, and will continue to manage U.S. equities for BonaVista.

"We are very pleased to establish this relationship with BonaVista," said John Montalbano, President of Phillips, Hager & North. "This development enhances PH&N's capabilities in the area of U.S. equity management. Moreover, our relationship with BonaVista broadens PH&N's scope in the investment management marketplace."

"Phillips, Hager & North is widely recognized for its investment performance and commitment to excellence in client service", said Terry Bacinello, President of BonaVista. "This relationship will enable BonaVista to draw on PH&N's depth of resources, thereby allowing us to put greater focus on serving our clients over the long term."

As an investment manager, Mr. Lytollis employs an investment style complementary to that which PH&N employs in the management of North American equities. This approach has been applied in the BonaVista U.S. Equity Fund since 1994 and has produced first-quartile performance over the long term.

PH&N remains independent and employee-owned. There are no changes to PH&N's investment funds or to the relationship between PH&N and its clients. There are no changes to the MERs of PH&N's investment funds or to investment management fees. Similarly, there are no changes to BonaVista's funds, fees or client relationships.

The changes announced today are subject to regulatory approval.

Established in 1964, Phillips, Hager & North Investment Management Ltd. manages over $53 billion in investments on behalf of corporate and multi-employer pension plans, non-profit organizations and individuals across Canada.

BonaVista Asset Management was established in 1994. Located in Toronto, it serves clients across the country in the pension, foundation and private client markets both directly and through alliances with other institutions.

Contact Information

  • Phillips, Hager & North Investment Management Ltd.
    Chris Dotson
    Manager, Corporate Development & Communications
    (604) 408-6009