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. |
|
Another incredible new market launch for Hacksaw Gaming, this time we’re taking a trip to Portugal with Solverde.pt. Exclusively showcasing our content until the 30th of April, this new partnership looks to be one with an exciting journey ahead.
Fan favourites Wanted Dead or a Wild, 2 Wild 2 Die, R.I.P City, Le Bandit and many more are now featured on the Hacksaw exclusive section of the Solverde.pt platform. At long last, Portuguese players can now immerse themselves in the Hacksaw experience, exploring a large catalogue of our games that demonstrate our creative mechanics and stunning visuals.
“Hacksaw has been a top request from Portuguese casino players and we always aim to know the market preferences and deliver what the customers want” says Américo Loureiro, Solverde.pt Director “We’re very proud to bring this groundbreaking studio to Portugal for the first time and have no doubt it will be a success”
Part of Solverde Group, which boasts more than 50 years of history, Solverde.pt was launched in 2017.
They strive to offer the widest casino portfolio in Portugal, prioritising all the fun of casino games with the top quality and safety that SolverdePT users have come to know them for.
Marcus Cordes, Hacksaw Gaming CEO is certain that Hacksaw enthusiasts in Portugal will be ecstatic with this new launch – “Being able to bring yet another growing market our games is what drives us forward! Saúde to a promising future partnership and to the teams who made this happen.”
With this latest launch marking our third new market entry in the past month alone, Hacksaw Gaming’s quest to introduce our collection to players worldwide is rapidly becoming reality. Are we setting the tone for even more groundbreaking ventures in the months ahead? Stay tuned, as we’re on a mission to grow our Hacksaw Community far and wide.
Casino Guru’s Complaint Resolution Center leads industry in 2023, saving players over $11 million
Casino Guru’s Complaint Resolution Center continues to set the standard for excellence in the online gambling industry, achieving remarkable milestones in 2023 and reaffirming its commitment to player advocacy and fair gaming practices.
In the past year alone, the Complaint Resolution Center received over 14,000 complaints from players worldwide, a testament to its reputation as a trusted platform for addressing player concerns. Of these, over 12,000 were accepted, underscoring the Complaint Resolution Center’s dedication to providing a voice for players and addressing their grievances. Throughout the year, Casino Guru’s team successfully resolved 3,428 complaints, resulting in an astounding USD$11,279,425 in saved funds for players. This achievement reflects the Complaint Resolution Center’s unwavering commitment to securing favorable outcomes for players and ensuring a fair and transparent gaming environment.
Notably, Casino Guru’s Complaint Resolution Center stands out from its competitors such as AskGamblers by accepting almost all complaints received; a significant difference that underscores Casino Guru’s dedication to prioritizing player concerns and advocating on their behalf. By comparison, AskGamblers reported saving USD$9,031,914 for players with 3,565 accepted complaints while Casino Guru’s comprehensive approach led to saving USD$11,279,425 with 12,161 complaints accepted for resolution.
Aside from monetary savings, the Complaint Resolution Center also boasts other significant achievements. With an average resolution time of 17 days and the fastest resolution completed in just 48 minutes, Casino Guru demonstrates efficiency and responsiveness in addressing player concerns. Additionally, the Complaint Resolution Center resolved the longest open complaint, active for 287 days, showcasing its commitment to seeing cases through to a satisfactory resolution. Moreover, the Complaint Resolution Center successfully resolved the complaint with the highest value, amounting to USD$1.99 million, further highlighting its dedication to addressing all levels of player grievances.
Petronela Kontos, Complaints Team Lead at Casino Guru, commented on the Center’s achievements: “We are proud to lead the industry in providing a platform where players can voice their concerns and seek resolution. Our commitment to fairness and transparency drives us to continually improve and deliver exceptional results for players worldwide.”
In addition to its outstanding performance in 2023, Casino Guru’s Complaint Resolution Center has achieved significant milestones over its lifetime. With over 37,000 complaints received and more than $25 million recovered for players, the Complaint Resolution Center has become a trusted resource for players seeking resolution to their issues.
As the Complaint Resolution Center continues its mission of empowering players and advocating for fairness within the online gambling industry, it remains dedicated to providing exceptional service and ensuring that players’ voices are heard and their concerns addressed with integrity and transparency.
Evoplay, the award-winning game development studio, has leveraged its position across Europe by taking its portfolio live with Light & Wonder’s leading aggregation platform.
Through this latest launch, over 100 of the provider’s dynamic titles will be made available on Light & Wonder’s global operator network including its Penalty Shoot-out instant game as well as top-performing slots The Greatest Catch Bonus Buy and Hot Triple Sevens.
The integration will see Evoplay boost its presence across a plethora of territories in Europe, including MGA-regulated markets, Italy, Portugal, the Balkans and the Baltics, where Light & Wonder’s platform is a top choice for tier-one operators.
Evoplay’s latest agreement underscores its commitment to becoming a leading supplier across Europe and follows significant commercial expansion in several key markets.
Ihor Zarechnyi, CBDO at Evoplay, said: “Evoplay’s latest landmark deal serves as a testament to the power of our dynamic portfolio. As we continue to excel across markets worldwide, we are delighted that Light & Wonder recognised the quality of our games and took them live on its platform.
“Light & Wonder has a vast market reach, which allows us to greatly expand our footing in Europe. Additionally, once we obtain the Canadian licence, we look forward to introducing our innovative content to an even wider audience of players.”
James Bustin, Commercial Director at Light & Wonder, added: “Thanks to its commitment to differentiation, Evoplay’s offering has proven to captivate players across Europe and we anticipate its games will perform just as well with our operator network.
“Forging new content agreements with suppliers such as Evoplay allows us to continue delivering fresh and exciting experiences to the market whilst elevating studios to an even bigger reach.”
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