TORONTO, ON--(Marketwired - January 20, 2017) - Sentry Investments Inc. ("Sentry" or the "company") wishes to correct statements contained in a media report published earlier this week relating to recent personnel changes.
Following regulatory inquiries concerning the company's compliance with National Instrument 81-105 - Mutual Fund Sales Practices, and the commencement of an investigation by the Ontario Securities Commission (the "OSC"), a Special Committee of the board of directors of Sentry Investments Corp., Sentry's parent company, was formed in September 2016 to examine compliance issues relating to sales practices.
Sentry has taken a number of actions to begin correcting these sales practices issues, including the following:
- Phil Yuzpe has assumed the role of President and Chief Executive Officer, as well as Ultimate Designated Person.
- Sean Driscoll has resigned as Chief Executive Officer and Ultimate Designated Person.
- Under the supervision of the Special Committee, an external compliance consultant is being retained to review and recommend improvements to Sentry's internal policies, procedures and practices, and internal controls. The consultant's findings will be reported to the OSC and Sentry has committed to implementing all of their recommendations for changes or improvements.
Sentry is committed to ensuring that its business practices and compliance function are consistent with industry best practices and regulatory expectations, and does not believe that the investment products managed by it are impacted by these developments.
Sentry Investments Inc.
Sentry Investments is one of Canada's leading independent investment managers, with more than $18 billion in assets under management. Since opening our doors in 1997, we have earned and kept the trust of more than half a million Canadian investors. Sentry offers a diverse range of investment products and solutions through financial advisors and investment dealers, as well as portfolio management services to a variety of institutional clients. Our disciplined investment style focuses on delivering superior risk-adjusted returns to help investors calmly create wealth.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "believe," "expect," "intend," "will" and similar expressions to the extent they relate to Sentry. The forward-looking statements are not historical facts but reflect Sentry's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Sentry believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements. Sentry undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.