First Asset converts closed-end fund to ETF

Toronto-based First Asset Investment Management Inc. has completed the conversion of First Asset Pipes & Power Income Fund, formerly a closed-end fund, into an ETF. First Asset Active Utility & Infrastructure ETF represents a risk- adjusted opportunity to earn stable dividends from utility companies and participate in the building of the North American energy infrastructure industry. First Asset Active Utility & Infrastructure ETF is focused on issuers with long-life assets that produce stable and predictable cash flows with a mandate that allows the necessary flexibility and reach to capitalize on the changing energy environment, says Barry Gordon, president and CEO of First Asset Investment Management. The ETF’s investment objectives are to provide unitholders with monthly cash distributions and the opportunity for capital appreciation from an actively managed portfolio composed primarily of equities securities of utility and infrastructure Issuers. These issuers typically derive their revenue from the distribution – wholesale or retail – of oil, natural gas or other related refined products, usually pursuant to fixed-rate transportation tolls. Revenue also is generated from power generation and sale, typically pursuant to long-term, fixed-price contracts, as well as from service and support provided to power-generation companies.

(cohara@investmentexecutive.com).