FrontierAlt Investment Management Corp. announced that the Global Dividend Fund today completed its $60 million initial public offering.

The fund issued 6 million units a price of $10 per unit. The units are listed for trading on the Toronto Stock Exchange under the symbol GDP.UN.

The fund’s investment advisor is MFC Global Investment Management (Canada), a division of Elliott & Page Limited, which is part of MFC Global Investment Management.

The fund’s investment objectives are to provide holders of units with monthly cash distributions, and to preserve and enhance net asset value.

The fund is designed to provide global diversification through investment in international companies that are leaders in their sector and country. The net proceeds of the offering will be invested in a diversified global portfolio comprised primarily of common shares and other equity securities of issuers that MFC Global believes are fundamentally sound but which are trading at a discount to their intrinsic value.

MFC Global will actively manage the portfolio and will seek to invest in issuers that have strong cash flows and the ability to grow their distributions. It expects that the resulting portfolio will be comprised of the equity securities of approximately 40 to 60 issuers diversified by both geography and sector, with each issuer typically having a market capitalization of at least US $2 billion.

The syndicate of agents for this offering was co-led by CIBC World Markets, RBC Capital Markets and Scotia Capital Inc., and included BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Canaccord Capital Corp., Dundee Securities Corp., HSBC Securities (Canada) Inc., Raymond James Ltd., Blackmont Capital Inc., Wellington West Capital Inc., Berkshire Securities Inc., Desjardins Securities Inc. and GMP Securities L.P.

The fund has granted the agents for the offering an over-allotment option to acquire up to an additional 900,000 units exercisable at any time during the next 30 days.

Based in Toronto, FrontierAlt specializes in the manufacturing and distribution of structured products, flow-through limited partnerships and mutual funds.