Connect with us

Press Releases

OceanRock Investments Inc. Announces Fund Mergers, Proposed Fixed Administration Fees and Other Changes to its Mutual Fund Lineup

Zoltan Tundik

Published

on

Image Designed by Freepik - Billie dollar. money background
Reading Time: 9 minutes

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
connie@infinitycomm.ca
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®.

  • The JSI® does not currently screen out companies involved in the following areas: alcohol, gambling and pornography. We have chosen to overlay these screens on the companies in the index.
  • The JSI® is a market-weight index and we have chosen to cap the individual weighting of any one company at 10% of the value of the Fund based on a market test.
  • We will also be committing up to 2% of the assets of the Fund towards “Impact Investing” which are outlined on page 25 of its prospectus.
  • Where a security is eliminated from the portfolio or reduced based on the above guidelines, we will redistribute the assets that would have been in that security on a pro rata basis to the remaining securities in relation to the representation on the index.

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.

After starting out as an affiliate in 2009 and developing some recognized review portals, I have moved deeper into journalism and media. My experience has lead me to move into the B2B sector and write about compliance updates and report around the happenings of the online and land based gaming sector.

Continue Reading
Advertisement
Comments

Press Releases

Perform Group rebrands as DAZN Group

George Miller

Published

on

Perform Group rebrands as DAZN Group
Reading Time: 2 minutes

 

Business to be consolidated into two brands: DAZN and Perform Content

 

Perform Group, the digital leader in sports media, announced that it will be called DAZN Group and consolidated into two distinct brands: DAZN and Perform Content. Executive Chairman, John Skipper, said: “We have two enormous growth opportunities but they are distinct from each other. Consequently, we are re-organising to create dedicated management and standalone teams each with a clear and focused agenda and mission. We have an incredible opportunity to exploit significant shifts in sports media to drive great products to sports fans and create a company with ever more influence on the new sports media universe”.

DAZN will be the consumer-facing division, including DAZN itself, the world’s first dedicated live and on-demand sports streaming service, and some of the largest sports websites in the world, such as Goal.com, SportingNews, and Spox.com. The content and traffic of these websites and apps will focus increasingly on acquiring subscribers for and driving traffic to DAZN, as well as serving fans with fantastic sports content. DAZN will also use its combined assets and inventory to create market-leading, innovative packages for advertisers.

DAZN Group will be led by CEO and founder Simon Denyer and he will be joined by a new CFO, Stuart Epstein. Stuart has a 20-year track record at Morgan Stanley and has previously served as CFO for NBC Universal. James Rushton takes on a wider role as Chief Revenue Officer, responsible for all products, revenue, and marketing.

Perform Content will be responsible for the group’s B2B activities – continuing to provide world class sports data, news and video to the world’s leading broadcasters, digital companies and sports books. Perform Content will be given more resources and autonomy to invest in its primary products, such as Opta, Watch & Bet, and RunningBall.

The CEO of Perform Content will continue to be Ross MacEacharn and he will be joined by Ashley Milton as Perform Content Chief Financial Officer.

The two brands will each have their own governance and leadership but report into one board, chaired by John Skipper. DAZN and Perform Content will collaborate closely on a commercial basis. DAZN will use Perform Content data to power its products. Perform Content will continue to leverage and add value to global rights acquired by DAZN.

DAZN Group CEO and founder, Simon Denyer, said: “Perform Group has been one of the defining companies of the sports industry over the last decade. The exceptional growth and execution of DAZN in its first seven markets means we need to focus our efforts around our primary growth engine. Our B2B division continues to grow but now is the time for it to have its own separate identity and investment plan. We are delighted that it will continue to use the Perform name.”

DAZN will remain the main rights holding company for the group including its long-term partnerships with strategic partners such as WTA, FIBA, CONMEBOL, Matchroom Boxing, NFL and EHF.

Sir Leonard Blavatnik’s Access Industries, the privately held group with global investments in multiple sectors, will continue to be the major shareholder of DAZN Group and support the growth of both brands.

Continue Reading

Gambling in the USA

ATG partners with USA’s biggest TV network for horse racing

George Miller

Published

on

Photo Source: ATG/swedishhorseracing.com
Reading Time: 2 minutes

ATG has come to a partner agreement with TVG, the largest TV network for horse racing in USA.

 

Starting September 17, 45 million American households has will be given the possibility to bet on ATG‘s products.

“This is a unique possibility for ATG to reach out to horse racing bettors in USA and will also be a great way of showcasing the great sport we have here in Sweden” says Lars Nemeth, head of international sales at ATG.

TVG is a Los Angeles based company, founded in 1987. TVG has today two TV channels and broadcast up to 15 hours of horse racing daily to 45 million American cable and satellite households. Since 2009 TVG is a part of the Irish Paddy Power Betfair betting concern.

“TVG is a strong trademark on the American market and they broadcast around 50,000 races a year from around the world. The main intention with this cooperation agreement is of course to create revenue for both parts but like I said, I also see it as a unique possibility to showcase Swedish horse racing” says Lars Nemeth.

The TVG customers will be able to bet Win, Place, Show, Exacta, Trifecta and Daily Double right in to ATG’s Swedish pool.

“Swedish Trotting, Swedish Gallop and ATG will be able to deliver world class products, therefor it’s fantastic to be able to offer our viewers both broadcasts and betting from Sweden. Business wise and also editorial we’re emphasising on the best races Wednesday through Sunday. In our regular broadcasts we will have lots of live updates and latest news about the races and in cooperation with Kanal 75 show stories about both the sport of trotting and gallop in Sweden” says Stephen Kennelly, Vice President of Product and Exchange, TVG FanDuel Group US.

On the international betting market so called rakebacks, where bettors will receive discounts based on how much they bet, very common. However, in all of ATG’s partner agreements no rakebacks are allowed, also in this deal wth TVG.

“Both us and ATG are interested in creating a sustainable long term deal. TVG has basically the same broad spectrum of customers as ATG, we focus on incentivizing and gaining new and existing business by providing access to high quality content and service, not through high volume rebates to a limited audience.” says Stephen Kennelly.

Facts, TVG
• USA’s largest TV network for trot and gallop horse racing – reaches 45 million households.
• Owned by the betting concern Paddy Power Betfair, Irland.
• 320 employees, most of them at their TV head quarter in Los Angeles, California.
• Broadcasts around 50 000 races each year from around the world through their TV channels TVG (seven days a week) and TVG2 (five days). the channels are also available online (www.tvg.com) and through Apple TV, Chromecast, Amazon and Roku.
• Will be able to bet Win, Place, Show, Exacta, Trifecta and Daily Double starting September 17, 2018
• TV and marketing support in TVG1 and TVG2 from September 23.

Source: ATG

Continue Reading

Press Releases

MansionBet is the headline partner of Ultimate Boxxer II

George Miller

Published

on

MansionBet is the headline partner of Ultimate Boxxer II
Photo Credit: Ultimate Boxxer
Reading Time: 2 minutes

 

In a continued push across the sporting industry, MansionBet announced their headline partnership of Ultimate Boxxer II.
Having sponsored a number of high profile UK boxers this year, including George Groves, Lee Selby and Dillian Whyte, their support of this thrilling event is a natural progression for the sports betting operator.

Taking place on 2nd November at the O2 Indigo in London, Ultimate Boxxer II follows the phenomenal success of their inaugural event earlier this year. The tournament sees eight highly rated British boxers in the light heavyweight division square off to achieve their career defining moment.

Additional entertainment and authority on the evening comes from boxing legends Paulie Malignaggi, Ricky Hatton, Anthony Crolla and BBC’s Charlie Sloth.

Shelly Suter Hadad, COO & Managing Director of Mansion, commented: “We are passionately invested in supporting UK-grown talent across the sporting world, and with the growing popularity of British Boxing, we are delighted to get involved with this innovative tournament.”

Benjamin Shalom, Managing Director of Ultimate Boxxer, commented: “We are really looking forward to developing Ultimate Boxxer as a strong gambling proposition. Mansion’s values and forward-thinking make them a perfect brand to develop this with us and we are really excited about the upcoming campaign.”

The partnership was brokered through leading sports creative & partnerships agency, Dark Horses; and promises to be a well-matched partnership between two rising star brands within their complimentary industries.

 

About Mansion:
Awarded ‘Online Casino Operator of the Year’ at the International Gaming Awards 2018, the Mansion Group has firmly established itself as a leading provider of online gambling and entertainment since their founding in 2003.
Mansion possess a broad portfolio of popular online casinos catering to all tastes and markets, with Casino.com acting as the flagship brand, and MansionCasino a UK top-performer. With the launch of MansionBet, the Mansion Group has diversified their product portfolio into the sports arena, leveraging the strength and brand awareness of the Mansion name across the industry.

Continue Reading
Advertisement
NSoft
Advertisement
BetConstruct

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Trending

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.