Avenue Financial Corp., which owns University Avenue Management Ltd., the manager of the University Avenue Funds, has announced that it has entered into an agreement to transfer 100% management control of the University Avenue group of mutual funds and certain mutual fund dealer assets to All-Canadian Management Inc.

All-Canadian has been managing mutual funds since 1976. The All-Canadian Funds are amongst the oldest in the country, having been established in the 1950s and 1960s.

The University Avenue group of mutual funds includes: University Avenue Balanced Fund; University Avenue Canadian Fund; University Avenue U.S. Growth Fund; University Avenue U.S. Small Cap Fund; University Avenue World Fund; and University Avenue Money Fund.

“Bringing the University Avenue Group of Funds into our family of funds significantly increases our assets under administration” said Michael Parente, All-Canadian president and CFO. ” It is our intention to merge certain University Avenue Funds into those All-Canadian Funds with similar investment objectives,” he added.

With the sale of these assets, Avenue Financial plans to focus on its two core businesses: developing investment products for accredited investors and select institutions, and providing investment banking services to small- and mid-sized corporate clients.