TORONTO, Feb. 14, 2018 (GLOBE NEWSWIRE) — Purpose Investments Inc., the manager of Energy Credit Opportunities Income Fund (the “Fund”) (NEO:PCF.UN) (NEO:PCF.U), announced today that pursuant to a final prospectus dated February 1, 2018, the Fund has completed its conversion into an actively managed open-end fund with ETF and mutual fund units. The Fund will be managed by Redwood Asset Management Inc., a fully owned subsidiary of Purpose Investments Inc.
Upon the conversion, the Fund’s name will be changed to Redwood Energy Credit Fund (“PCF”) and the management fee of the Fund will be reduced from 1.00% to 0.70%, which represents another significant enhancement to the Fund.
The Class A units of the Fund will convert into ETF Currency Hedged Units of Redwood Energy Credit Fund with ticker symbol PCF, and the Class U units of PCF will convert into U.S. dollar denominated ETF Non-Currency Hedged Units of Redwood Energy Credit Fund with ticker symbol PCF.U, on the effective date of February 14, 2018. The Fund will also offer new Class A and Class F mutual fund units.
The objective of PCF is to provide unitholders with (i) a stable stream of monthly distributions and (ii) to provide unitholders with the opportunity for growth in the net asset value by primarily investing in fixed income securities of issuers in the energy sector.
“Our vision at Purpose is to provide investors with access to innovative solutions that help drive better portfolio outcomes,” said Som Seif, Purpose President and Chief Executive Officer. “The conversion of the Fund and fee reduction of 30% are the next logical steps for this Fund as a unique vehicle designed to provide attractive risk-adjusted returns from the energy sector.”
Details of the conversion are outlined in a management information circular of the Fund that is available on www.sedar.com.
About Purpose Investments
Purpose Investments is an asset management firm inspired by the belief that all investors should have access to great investment products along with low fees. Purpose believes in focusing first on managing risk and creating value that is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose has over $4.9 billion in assets under management and currently offers 50 exchange traded funds and mutual funds and 16 closed-end funds across multiple asset classes and both traditional and alternative investment strategies.
For further information please contact:
Purpose Investments Inc.
Tel: (877) 789-1517
This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to U.S. news wire services.