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First Asset launches actively managed Global Financial Sector ETF


The First Asset Global Financial Sector ETF has begun trading on the Toronto Stock Exchange under the symbol FSF.

Signature Global Asset Management, a division of CI Investments Inc, is the Portfolio Manager of the Fund. Signature Global Asset Management, led by its Chief Investment Officer, Eric Bushell, manages over USD50 billion in core equity, balanced and income-oriented funds, and is CI Investments Inc.'s largest in-house portfolio management group. Signature's John Hadwen, Vice President and Portfolio Manager, is responsible for stock selection for the Fund.

The Fund's investment objective is to seek long‐term total returns consisting of long‐term capital appreciation and regular dividend income from an actively managed portfolio composed primarily of securities of issuers in the global financial services sector across developed and emerging markets.

"FSF represents an exciting opportunity to combine the strengths of the Signature Global Asset Management team and First Asset.  FSF is an actively managed ETF that delivers to investors the benefits of ETFs, including tax efficiency, liquidity, and low cost, while also offering them the expertise and  analytical strength provided by Signature's award winning asset management team."

Barry Gordon, President & CEO, First Asset Investment Management Inc, says: "The global financial services sector is an attractive investment opportunity. Regulatory requirements and impacts have hampered returns over the last number of years. However, with capital requirements seemingly addressed, we anticipate higher valuations and superior dividend growth in the banks compared to other global sectors. As well, consumer finance, brokerage and wealth management sectors are presenting appealing valuations, helping propel the sector forward."    

John Hadwen, Vice President, Portfolio Management and Portfolio Manager, Signature Global Asset Management, adds: “Prior to today's conversion into an exchange-traded fund, the Fund was a closed-end fund called First Asset Hamilton Capital European Bank Fund. As previously announced by First Asset, the conversion was approved at a special meeting of unitholders held on March 15, 2016, as more particularly described in the management information circular dated February 16, 2016.”

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