Two Toronto-based asset managers have recently announced new subadvisors for specific funds.
Arrow Capital Management Inc. has hired Lazard Asset Management (Canada) Inc. (LAM Canada), a wholly owned subsidiary of Hamilton, Bermuda-based Lazard Ltd., to subadvise the underlying fund of the renamed Lazard Global Credit Fund, which was formerly Raven Rock Income Fund. This change will be effective Jan. 4, 2016, according to Arrow’s announcement, which was released on Tuesday.
LAM Canada also expects to serve as subadvisor for Raven Rock Strategic Income Fund, a closed-end fund that Arrow intends to convert to an open-ended fund. If the conversion receives regulatory and unitholder approval, it is expected to occur in the first quarter of 2016, and the fund will be renamed Arrow Strategic Income Fund.
Aston Hill Asset Management Inc. has also appointed a new subadvisor for one of its funds. Toronto-based Manitou Investment Management Ltd. will subadvise Aston Hill Canadian Total Return Fund as of Jan. 1, 2016.
The fund’s investment objective, which is to seek to provide long-term returns by investing in a portfolio of primarily Canadian equity securities, will remain the same. Manitou will continue to use liquid alternative strategies, including options strategies, within the fund to enhance downside protection as well as generate income, notes Aston Hill’s announcement released on Monday.
“We are very excited about this partnership between our two firms,” says Peter Anderson, interim CEO of Aston Hill Financial Inc., through a statement. “For the past six years, Mark Gaskin [CEO of Manitou] and the Manitou team have been building a successful track record for their high net worth and institutional clients.”
“We are pleased to be their exclusive partner bringing their investment strategy to financial advisors and the retail investment industry,” he adds.
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