April 10, 2007 09:00 ET

Sceptre Investment Counsel Agrees to Transfer the Management of Two Closed End Funds to ROI Capital

TORONTO, ONTARIO--(CCNMatthews - April 10, 2007) -

Attention Business Editors:

Sceptre Investment Counsel Limited (Sceptre) is pleased to announce it has entered into an arrangement to transfer the management agreements for the Sceptre Income & Growth Trust (SZG.UN) and the Sceptre Income & High Growth Trust (SZH.UN) to Return On Innovation Capital Ltd. (ROI Capital). The transaction is subject to Regulatory and Unitholder approval.

Sceptre's award winning investment management teams will continue to manage the assets as subadvisor to both Funds. ROI Capital intends to create additional value for investors by asking Unitholders to approve an expanded investment strategy, introduce a new series of units which pay tax efficient distributions, merge both Funds and convert into an open ended mutual fund with daily Net Asset Value (NAV) calculations. ROI Capital will also provide additional sales and service to financial advisors.

"We are delighted with our current relationship with ROI Capital and this transaction is a natural extension of that relationship and a great boost to our retail growth strategy," said Richard Knowles, President and Chief Executive Officer of Sceptre. "Together, Sceptre and ROI Capital have the investment expertise and product differentiation to compete as a strong player in the increasingly concentrated retail fund marketplace," said John Sterling, Chief Executive Officer of ROI Capital. Sceptre is a leading independent
Canadian money manager and ROI Capital is one of the fastest growing intermediary mutual fund companies in Canada.

Since inception, the Sceptre Income & Growth Trust and the Sceptre Income & High Growth Trust have consistently paid their targeted monthly distributions of 7% per annum. Last year the Sceptre Income & Growth Trust also paid a special distribution of $0.50 per unit and increased the monthly distribution to 7.5% per annum. The Sceptre Income & High Growth Trust generated the third best one-year rate of return ending February 2007 for all closed end funds that trade on the TSX.

Returns ending February 28, 2007
Since Inception
1 Year 2 Year Inception Date
Sceptre Income & Growth Trust 3.8% 9.1% 12.8% April
Sceptre Income & High Growth Fund 22.7% 19.4% 15.3% December
Source: TD Securities

A Unitholder circular containing details of the proposed changes to the Funds will be mailed to Unitholders of the Funds as soon as possible but expected to be no later than May 10, 2007.

About Sceptre Investment Counsel

Sceptre Investment Counsel Limited is a leading Canadian independent investment management firm with assets under supervision of approximately $8.8 billion. The Company's Pension and Institutional Fund group manages investment portfolios for a wide range of clients, including corporations, governments, hospitals, charitable foundations, endowments, universities and unions. Through its Wealth Management group, Sceptre provides discretionary funds and segregated account management for high net-worth individuals and offers a family of seven mutual funds. Sceptre employs approximately 60 people in its offices in Toronto, Waterloo, Montreal and Vancouver. Sceptre's common shares trade on the Toronto Stock Exchange, under the symbol SZ.

About ROI Capital Ltd.

ROI Capital Ltd. manages the ROI Fund, ROI Sceptre Canadian Pension Fund, ROI Global Pension Fund, and ROI High Yield Private Placement Fund. The ROI Fund is the fastest growing and one of the top performing tax credit funds in Canada. ROI Capital's mutual funds invest like pension funds. The Funds invest in multiple asset classes, including private placements loans that are uncorrelated to the public markets. The Funds have partnered with three leading pension plan managers: Sceptre Investment Counsel, Wentworth, Hauser, & Violich and Johnston Asset Management. This combination of private and public investments has previously only been available in pension plans. ROI Capital is the first to bring this strong investment combination to the retail market.

Contact Information

  • Sceptre Investment Counsel Limited
    Richard L. Knowles
    President and Chief Executive Officer
    (416) 866-2380


    ROI Capital Limited
    Wilfred Vos
    Senior Vice-President
    (416) 361-6162 ext 118