Press Releases
OceanRock Investments Inc. Announces Fund Mergers, Proposed Fixed Administration Fees and Other Changes to its Mutual Fund Lineup
TORONTO, July 06, 2018 (GLOBE NEWSWIRE) — OceanRock Investments Inc. (the “Manager”), the manager of the OceanRock and Meritas SRI Funds (collectively, the “Funds”), today announced proposals to merge a number of its Funds, to change the method of charging operating expenses to a number of Funds to increase fee predictability and transparency, and certain other changes, all described below. A special meeting of unitholders (the “Special Meeting”) will be held in Vancouver on or about August 31, 2018 to consider certain of the proposed changes.
“With the formation of Aviso Wealth, our goal is to always offer advisors and investors compelling and competitive investment solutions under the NEI name”, said Fred Pinto, SVP, Head of Asset Management at Aviso Wealth. “These proposed mergers will help us meet that objective and strengthen NEI’s position as Canada’s leading provider of responsible investment solutions.”
In addition, effective July 12, 2018, the management fee charged to Series A of Meritas International Equity Fund will be reduced from 2.25% to 1.95%.
Fund Mergers
Provided the mergers receive the required unitholder and regulatory approvals, each Terminating Fund will merge into the corresponding Continuing Fund (as listed below). Northwest & Ethical Investments L.P. (“NEI”), an affiliate of the Manager, is the manager of each Continuing Fund other than Meritas International Equity Fund and, in the case of Meritas International Equity Fund, NEI will, subject to unitholder and regulatory approval, become the manager of that Fund (as described in more detail below). The proposed fund mergers are outlined in the table below:
| Terminating Fund | Continuing Fund |
| OceanRock Canadian Equity Fund | NEI Canadian Equity Fund |
| OceanRock Growth Portfolio | NEI Select Growth Portfolio |
| OceanRock Income & Growth Portfolio | NEI Select Income & Growth Portfolio |
| OceanRock International Equity Fund | Meritas International Equity Fund |
| OceanRock Maximum Growth Portfolio | NEI Select Maximum Growth Portfolio |
| Meritas Canadian Bond Fund | NEI Canadian Bond Fund |
| Meritas Growth Portfolio | NEI Select Growth RS Portfolio |
| Meritas Income Portfolio | NEI Select Income RS Portfolio |
| Meritas Income & Growth Portfolio | NEI Select Income & Growth RS Portfolio |
| Meritas Strategic Income Fund | NEI Conservative Yield Portfolio |
| Meritas U.S. Equity Fund | NEI U.S. Equity RS Fund |
| OceanRock Balanced Portfolio | NEI Select Balanced Portfolio |
| Meritas Balanced Portfolio | NEI Select Balanced RS Portfolio |
| Meritas Monthly Dividend and Income Fund | NEI Canadian Equity RS Fund |
The Independent Review Committee for the Terminating Funds will consider the mergers and the result of their assessment as well as full details about the proposed merger will be set out in the Management Information Circular that will be sent in July to unitholders of record as at July 13, 2018. If approved, it is anticipated that each proposed merger will be implemented on or about October 26, 2018. All costs and expenses associated with the mergers will be borne by the Manager.
Suspension of New Purchases
New purchases of securities of a Terminating Fund will be suspended effective September 1, 2018. In most cases, pre-authorized contribution plans and automatic withdrawal plans which have been established with respect to a Terminating Fund will be re-established with respect to the corresponding Continuing Fund following the mergers. More particulars regarding these matters will be set out in the Management Information Circular.
INVESTMENT OBJECTIVES, FUND NAME & MANAGER CHANGES
As well, the Manager today announced, with respect to the funds listed in the chart below (the “Selected Funds”), proposals to: (i) replace the Manager of the Selected Funds with NEI; (ii) modify the language in the investment objectives of the Selected Funds; and (iii) rename the Selected Funds. The first two proposals will be considered at the Special Meeting. If the first two proposals are approved at the Special Meeting then all three proposals will be implemented effective on or about October 26, 2018. The Manager believes that the interests of unitholders of the Selected Funds will be better served by modifying the language in the investment objectives of those Selected Funds. Appendix A contains a summary of the current proposed modifications to the investment objectives of the Selected Funds. The proposed name changes of the Selected Funds are as follows:
| Current Name of Selected Fund | Proposed Name of Selected Fund |
| Meritas Jantzi Social Index® Fund | NEI Jantzi Social Index® Fund |
| Meritas International Equity Fund | NEI International Equity Fund |
| OceanRock Growth & Income Portfolio | NEI Select Growth & Income Portfolio |
| OceanRock US Equity Fund | NEI U.S. Equity Fund |
| Meritas Growth & Income Portfolio | NEI Select Growth & Income RS Portfolio |
| Meritas Maximum Growth Portfolio | NEI Select Maximum Growth RS Portfolio |
| OceanRock Income Portfolio | NEI Select Income Portfolio |
Full details about these proposals will be set out in the Management Information Circular that will be sent in July to unitholders of record.
FIXED RATE ADMINISTRATION FEE
In addition to the proposals outlined above, the Manager today also announced a proposal to change the method of charging operating expenses to the Selected Funds to increase fee predictability and transparency. If the proposal is approved by unitholders of a Selected Fund then effective on or about October 26, 2018 NEI will pay for all of the operating expenses of the Selected Fund other than those operating expenses listed below. In return for paying the operating expenses, NEI will receive a fixed rate administration fee from the Selected Fund. The operating expenses that each Selected Fund will continue to pay are costs and expenses relating to the independent review committee of the Selected Fund, new government or regulatory requirements, taxes, borrowing and interest and portfolio transaction costs.
Currently, each Selected Fund pays all of its own operating expenses, which comprise a portion of the management expense ratio of the Selected Fund. This change will provide investors with increased predictability and transparency in fees as components of the management expense ratio for the Selected Funds will become fixed rather than varying from year to year as they do presently.
Under the proposal, the fixed rate administration fee will range from 0.20% to 0.40% of the respective Selected Fund’s assets under management, depending on the Selected Fund. The fixed rate administration fee for each series of a Selected Fund will be lower than or equal to the actual operating expenses paid by such series of the Selected Fund during its most recently completed financial year on a pre-absorption basis. Similar fixed rate administrative fee proposals have been adopted by unitholders at a number of Canada’s largest mutual fund companies, including NEI.
Full details about this proposal will be set out in the Management Information Circular that will be sent in July to unitholders of record.
About OceanRock Investments Inc.
OceanRock Investments Inc. is a Canadian Responsible Investment leader, managing $2 billion on behalf of Canadian investors. OceanRock offers a comprehensive range of managed portfolio solutions and individual funds to meet the needs of individual and institutional investors. OceanRock is dedicated to offering disciplined, risk-controlled and diversified investment solutions to Canadian individual and institutional investors and has a core commitment to Responsible Investing through its Meritas SRI Funds. OceanRock Investments Inc. is a wholly owned subsidiary of Aviso Wealth Inc.
Media Contact
Connie Burke
infinitycomm
[email protected]
Office: 905-257-5555
Appendix A
| Meritas Jantzi Social Index® Fund (to be renamed NEI Jantzi Social Index® Fund) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
The fundamental investment objective of the Meritas Jantzi Social Index® Fund (the “JSI®”) is to seek capital appreciation with current income being a secondary investment objective. The Fund will invest primarily in Canadian equity securities which comprise the JSI®. The Fund may not track the returns of the JSI® perfectly as we have implemented certain additional features which will affect the Fund’s performance relative to the JSI®.
Should the additional screens mentioned above result in the removal of more than five securities from the portfolio, we will be required to change the name of the Fund. As this Fund invests in a socially responsible manner, it must adhere to the “Criteria for Responsible Investing” outlined on page 23 of its prospectus. For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
The investment objective of the Fund is to achieve long-term capital growth by investing primarily in equity and equity related securities of companies in Canada.
The Fund follows a responsible approach to investing, as described in this prospectus. Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
| OceanRock Growth & Income Portfolio (to be renamed NEI Select Growth & Income Portfolio) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
| The fundamental investment objective of the OceanRock Growth & Income Portfolio is to achieve long term capital growth along with preservation of capital while providing for current income by investing primarily in a combination of OceanRock Mutual Funds (the “underlying funds”).
For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
The Portfolio’s investment objective is to provide long-term capital growth, and generate some income by investing primarily through exposure to equity and fixed income securities.
To achieve its objective, the Portfolio will invest in underlying mutual funds, which may be managed by NEI Investments. Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
| OceanRock U.S. Equity Fund (to be renamed NEI U.S. Equity Fund) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
| The fundamental investment objective of the OceanRock U.S. Equity Fund is to achieve long-term capital growth primarily through investing directly or indirectly in equity securities, ETFs and mutual funds with exposure to U.S. equity markets.
For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
The investment objective of the Fund is to achieve long-term capital growth by investing primarily in equity and equity related securities of companies in the United States.
Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
| Meritas Growth & Income Portfolio (to be renamed NEI Select Growth & Income RS Portfolio) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
| The fundamental investment objective of the Meritas Growth & Income Portfolio is to seek capital appreciation with some emphasis on current income. The Fund will invest primarily in units of other Meritas SRI funds (“underlying funds”).
As this Fund invests in a socially responsible manner, it must adhere to the “Criteria for Responsible Investing” outlined on page 23 of its prospectus. For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
The Portfolio’s investment objective is to provide long-term capital growth, and generate some income by investing primarily through exposure to equity and fixed income securities.
To achieve its objective, the Portfolio will invest in underlying mutual funds, which may be managed by NEI Investments. The Portfolio follows a responsible approach to investing, as described in this prospectus. Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
| Meritas Maximum Growth Portfolio (to be renamed NEI Select Maximum Growth RS Portfolio) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
| The fundamental investment objective of the Meritas Maximum Growth Portfolio is to seek strong growth and capital appreciation. The Fund will invest primarily in units of other Meritas SRI Funds, but also may invest in units of other socially responsible investing funds managed by the Manager (“underlying funds”).
As this Fund invests in a socially responsible manner, it must adhere to the “Criteria for Responsible Investing” outlined on page 23 of its prospectus. For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
The Portfolio’s investment objective is to provide long-term capital growth by investing primarily through exposure to equity securities.
To achieve its objective, the Portfolio will invest in underlying mutual funds, which may be managed by NEI Investments. The Portfolio follows a responsible approach to investing, as described in this prospectus. Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
| OceanRock Income Portfolio (to be renamed NEI Select Income Portfolio) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
| The fundamental investment objective of the OceanRock Income Portfolio is to seek current income with a small emphasis on capital appreciation. The Fund will invest primarily in units of other OceanRock Mutual Funds and Meritas SRI Funds (the “underlying funds”).
For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
Investment Objectives
The Portfolio’s investment objective is to generate income, and provide some long-term capital growth by investing primarily through exposure to equity and fixed income securities. To achieve its objective, the Portfolio will invest in underlying mutual funds, which may be managed by NEI Investments. Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
| Meritas International Equity Fund (to be renamed NEI International Equity Fund) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
| The fundamental investment objective of the Meritas International Equity Fund is to seek capital appreciation with current income as a secondary objective. The Fund will invest primarily in equity securities of companies outside North America.
As this Fund invests in a socially responsible manner, it must adhere to the “Criteria for Responsible Investing” outlined on page 23 of its prospectus. For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
The investment objective of the Fund is to achieve long-term capital growth by investing primarily in equity and equity related securities of companies outside of Canada and the United States.
Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
MiFinity, a leading global payment services provider, is excited to announce its participation at SiGMA 2024, held in Malta from 12 to 14 November. Visitors can find MiFinity at Stand 2012, where the team will be showcasing its award winning PayAnyBank service, and the latest version of the MiFinity iFrame and demonstrating how it helps iGaming operators acquire and retain players with a seamless, flexible payment experience.
Paul Kavanagh, CEO of MiFinity, commented: “SiGMA is a fantastic opportunity for us to showcase our latest developments and engage directly with the iGaming community. The MiFinity iFrame is a game-changer for operators looking to streamline their payment processes and enhance the player experience. We look forward to demonstrating its capabilities and connecting with both existing and prospective partners.”
MiFinity’s Business Development and Account Management teams will be on-site to discuss the new iFrame features in-depth and highlight how MiFinity can optimise payments for iGaming operators. They will also be showcasing MiFinity’s innovative suite of payment solutions developed specifically for the iGaming sector, including MiFinity PayAnyBank — a powerful tool that enables operators to send payouts directly to players’ bank accounts in multiple countries and currencies, enhancing the user experience with faster, more localised transactions and reduced FX fees.
The MiFinity Affiliates team will also be available to explain the benefits of MiFinity’s affiliate program, which offers some of the highest commissions in the industry and unique promotional opportunities via the MiFinity Bonus website.
Meet the MiFinity team at Stand 2012 at SiGMA 2024 to learn more about the company’s solutions and how they are transforming the iGaming payment landscape. Pre-book a meeting with the MiFinity team or drop by the stand during the event to explore how MiFinity can support your business.
Book a meeting here > outlook.office365.com/book/[email protected]/
The news that January’s ICE Barcelona will include a major new feature dedicated to global gaming’s most influential trade associations has been welcomed by organisations in Europe and abroad.
Making full use of the additional space at the Gran Via Fira de Barcelona, the first ICE Association Assembly has been created to enable trade bodies to promote their values and create new opportunities for the gaming community across every sector and geography, including both the Brussels-based European Casino Association (ECA) and the Association of Gaming Equipment Manufacturers (AGEM), the global trade association for gaming equipment suppliers with its primary headquarters in Las Vegas.
Erwin Van Lambaart, Chair of the ECA confirmed: “Our members are already planning their week in Barcelona and they will be at this historic edition of ICE in great numbers. ICE is a pivotal event for the global gaming community and having a show floor feature which will enable us to engage directly with all sectors is a unique opportunity.
“Traditionally, our association’s involvement at ICE and its Conference program has primarily centred around networking and product development orientation—connecting with our members, regulators, suppliers, and fellow trade bodies. However, ICE 2025 marks a significant milestone. For the first time, the ECA will have the chance to fully interface with the global industry supply chain in its entirety. We are looking forward to this unique opportunity to articulate our vision for the future to a diverse and comprehensive audience, where innovation, responsibility and significant partnerships for guest and customer centricity will have centre stage.”
Daron Dorsey, CEO of AGEM added: “We represent the interests of our gaming suppliers whose well-known brands are global in reach, so to be given the opportunity to explain our agenda and engage with what is a truly international audience of association colleagues on the ICE show floor is invaluable.”
January’s editions of ICE and iGB Affiliate will occupy 120,000sqm of space compared to the 100,00sqm at ICE 2024. In a major endorsement of the opportunities offered by the relocation to Barcelona 72% of the 25 biggest exhibitors will have an increased stand presence at ICE 2025.
Blask, the pioneering AI-powered analytics ecosystem for iGaming, has been named “Startup of the Year” at the prestigious 2024 Starlet Awards. The company earned this recognition for developing a groundbreaking market intelligence platform that has redefined how gaming operators leverage data and market insights.
Award Recognition
The award confirms Blask’s revolutionary approach to market analytics and its significant impact on how iGaming companies access and utilise market intelligence. Powered by AI models including Computer Vision and Natural Language Processing, Blask analyses billions of data points across 2000+ active brands to provide unprecedented market insights.
The Starlet Awards recognition follows Blask’s recent SiGMA Asia Startup Pitch 2024 Award victory. “Winning these awards affirms our belief that innovation and bold ideas can reshape the iGaming landscape. The recognition underscores the impact of our cutting-edge AI technology and our relentless pursuit to transform data into actionable insights”, reflects Max Tesla, CEO and Co-founder of Blask
Blask provides operators with a strategic edge across multiple critical areas. Its real-time market analysis capabilities deliver instant access to crucial market metrics, while the high-granularity data available at one-hour intervals enables swift, informed decision-making. The sophisticated AI modelling system estimates GGR and FTD by analysing a comprehensive range of inputs, including historical data, third-party OSINT data, market performance, competitor metrics, historical brand performance, market reports, and public company disclosures.
Beyond analytics, Blask offers robust brand monitoring and competitor analysis tools, alongside strategic and tactical planning capabilities particularly valuable for market entry decisions and maximising performance during major events. The recently introduced customer profile feature harnesses AI to generate detailed, country-specific user profiles, adding another layer of strategic insight for operators.
MiFinity to Showcase Innovative iFrame at SiGMA 2024
ECA and AGEM applaud creation of Association Assembly at ICE Barcelona
Blask Wins Prestigious “Startup of the Year” at 2024 Starlet Awards
CONCEPT: VERSATILITY AND EFFICIENCY IN SPACES
Red Bull, Nissin Cup Noodles, and Kreo Join College Rivals Season 2 as Associate Sponsors
CreedRoomz Introduces New Aurum Roulette Game Show
Meridianbet Foundation (GMGI) Marks Five Years of Successful Global Scholarship Program
Atlaslive and Alea Partner to Revolutionize Casino Offerings with Data-Driven Player Insights
IAG’s Andrew W Scott Announced as Latest Conference Chair for 2025 Regulating the Game Conference in Sydney
Asia Pioneer Entertainment Holdings Limited appointed Maria Garcia to its Board of Directors
Gaming Americas Weekly Roundup – September 30-October 6
Amusnet Expands in Romania with LuckySeven Partnership
SOFTSWISS Gets Certification for Its Jackpot Aggregator in Bulgaria
Altenar: Boosting revenues with engagement tools
Endorphina Announces Partnership with Ukrainian Online Casino Casino.ua
EEGS 2024 Welcomes Oddin.gg as Silver Sponsor!
-
Asia6 days agoNODWIN Gaming partners with Japanese gaming company KONAMI for ‘eFootball Diwali Showdown’
-
Australia6 days ago
Australia’s BetStop Receives International Regulatory Award
-
Latest News6 days ago
BETBY WELCOMES MAGNUS CARLSEN AS GLOBAL BRAND AMBASSADOR
-
Compliance Updates6 days ago
KSA Imposes a Fine of €675,000 on NetX Betting Limited
-
Asia5 days ago
Revenant Esports and Team XSpark Join Forces to Form Revenant XSpark, ScoutOP Revealed as Brand Ambassador
-
Latest News6 days ago
Videoslots Launches DBET in Sweden with International Tipset Pools
-
Central Europe6 days ago
NOVOMATIC builds the Group’s largest photovoltaic system in Lower Austria
-
Gaming6 days ago
The mobile gaming market is growing and attracting new companies. GAMIVO is the latest example
