Harvest Portfolios Group is to assume investment management for three of its funds – two mutual funds and a Toronto Stock Exchange listed closed-end fund – from Avenue Investment Management.
The affected funds are Harvest Banks & Buildings Income Fund, Harvest Canadian Income & Growth Fund and Global Telecom & Utilities Income Fund.
The change in investment manager for the funds will occur on or about 13 January 2017.
The independent review committee of the funds, each member of which is independent of the funds and the manager, is of the view that the investment manager change achieves a fair and reasonable result for the funds.
There will be no change to any of the funds' investment objectives, investment restrictions, fees payable, redemption provisions, or TSX listings.
"These were three of Harvest's original mandates and our investment management team will continue to provide quality active portfolio management for the three funds,” says Michael Kovacs, president and CEO, Harvest Portfolios Group.
