The heads of leading income funds have come together to create the Canadian Association of Income Funds (CAIF)/ l’association canadienne des fonds de revenues (ACFR), a national organization that will represent this fast-growing segment of Canada’s equity markets.

“Income funds are a new arm of corporate Canada. They are real businesses focused in core Canadian industries ranging from natural resources to the food we eat — employers of thousands of Canadians in communities from coast to coast,” said Stephen Probyn, chairman of the association.

Income funds — whether income trusts or publicly listed limited partnerships — trade on Canada’s stock exchanges. They provide investors with a regular share of the cash flow from operations held within the income trust or LP.

Initially designed to invest in the resource sector, income funds have gained popularity in recent years for a much wider variety of goods and services. Today, there are over 100 income funds operating across Canada, managing total market capitalization of some $45 billion. They now represent approximately 6% of the total value of the Toronto Stock Exchange.

The association will be guided by a board of directors with representatives from across Canada. Members of the Board are:

  • Tyrone Cotie (NS), Clearwater Seafoods Income Fund
  • Susan Dowse (AB), Calpine Power Income Fund
  • Sally Elliott (AB), Pengrowth Energy Trust
  • Peter Giacomelli (ON), TD Securities
  • Brian Gieni (AB), Ultima Energy Trust
  • Chris Hoffman (ON), McCarthy Tétrault
  • Dave Kerr (ON), Algonquin Power Income Fund
  • Don McCutchan (ON), Gowling Lafleur Henderson LLP
  • Sean McMaster (AB), TransCanada Power LP
  • Andrew Peters (ON), Atlas Cold Storage Income Trust
  • Brian Peterson (ON), RBC Dominion Securities
  • Stephen Probyn (ON), Clean Power Income Fund
  • Axel Rehkatsch (BC), A & W Revenue Royalties Income Fund
  • Stephen Rotz (ON), Davis + Henderson Income Fund

The Officers of the Association are:

  • Stephen Probyn – Chairman
  • Don McCutchan – President
  • Stephen Rotz – Vice President
  • Margaret Lefebvre – Secretary-Treasurer and Executive Director

“The Association will address the issues that are common to all the entire universe of income funds,” said Margaret Lefebvre, CAIF’s Executive Director. “We are here to explain how income funds work and the many advantages they have — such as the fact that they are unique to Canada.”