Bringing you live news and features since 2006 

Five fingers

PenderFund to acquire investment management contracts for five Vertex One funds


PenderFund Capital Management (Pender) is to acquire the investment fund management contracts for five investment funds managed by Vertex One – the Vertex Value Fund, Vertex Enhanced Income Fund and Vertex Growth Fund, which are offered publicly pursuant to a simplified prospectus, and the Vertex Fund and Vertex Managed Value Portfolio, which are offered privately to prospectus exemptions. 

Upon completion, and subject to receipt of all regulatory and unitholder approvals, Pender will become the investment fund manager and portfolio manager of the Vertex Funds. The Transaction is expected to close in the fourth quarter of 2019, subject to customary closing conditions, including regulatory and unitholder approvals.

On 1 July, 2019, Pender was appointed as sub-advisor for the Vertex Value Fund, Vertex Enhanced Income Fund and Vertex Managed Value Portfolio.

“Since Pender began serving as sub-advisor to the Vertex Value Fund, Vertex Enhanced Income Fund and Vertex Managed Value Portfolio, we have come to recognise the depth of experience and knowledge that Pender brings as an investment manager,” says Vertex One co-founder John Thiessen. “We are excited for this new chapter for our funds and the excellent track record and expertise that Pender will leverage to deliver value, income and growth to our clients.”

Currently, Pender and Vertex One are contemplating merging the Vertex Fund, Vertex Growth Fund and the Vertex Enhanced Income Fund into the Pender Strategic Growth & Income Fund as part of the Transaction. No final determination has yet been made in this regard and a further announcement will be made in the near future as soon as Pender and Vertex One determine if and when to proceed with these mergers. The Agreement also gives Pender an option to merge any of the Vertex Funds into one or more funds managed by Pender, subject to regulatory and unitholder approvals.

“With global interest rates pushing towards zero, money is finding a home in positive yield. The Pender Strategic Growth & Income Fund combines the best equity ideas of Dave Barr and Felix Narhi with a fixed income allocation managed by one of Canada’s fastest growing fixed income managers, Geoff Castle. Having worked with Geoff Castle and Dave Barr extensively, I believe a merged super fund would be the perfect combination of growth and income and, as the largest unitholder of such a merged fund, it’s where I want my money,” says Thiessen.

“We are excited to build on the legacy of disciplined, value-based active management by the Vertex One team,” says David Barr, President and Portfolio Manager, Pender. “Moving forward we will be applying the Pender investment process to the funds and look forward to protecting and growing unitholder wealth over the long term.”

After completion of the proposed acquisition and, subject to regulatory approval, Thiessen, the current portfolio manager of the Vertex Fund and Vertex Growth Fund, will serve as an independent advisor to Pender and the Pender Strategic Growth & Income Fund.

Latest News

Raymond James Investment Management plans to launch an ETF product platform in 2025 to support strong client demand in alignment..
Aniket Ullal, Director of ETF Data and Research at CFRA Research, has written a note looking at ETFs with exposure..
Tradeweb reports the following data derived from trading activity on the Tradeweb Markets institutional European- and US-listed ETF platforms...
iShares writes that its assets under management have reached USD4 trillion. The firm says this comes off the back of..

Related Articles

Chris Lo, Columbia Threadneedle
In a recent insight on India by Columbia Threadneedle Investments, the firm reports that the country’s economic reforms, which aim...
With an election on the horizon in the United States a group of ETFs is poised to capture investments on...
Robot worker
Qraft Technologies, based in South Korea, specialises in the use of AI in security selection and portfolio construction....
Andrea Busi, Directa SIM
Romain Thomas talks to Andrea Busi (pictured), CEO of Directa SIM, who explains why the online trading platform has just...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by