Purpose Investments and Redwood Asset Management Have Received Conditional Approval to Switch the Listing Venue of Certain Funds from the TSX to NEO
NEO prepares to welcome its first set of Closed End Funds and Unit Traded Funds
Toronto – December 12, 2017 – The NEO Exchange (“NEO”) is pleased to announce that Purpose Investments Inc. (“Purpose”) has received conditional approval to change the listing venue for certain Closed-End Funds (CEFs) and Unit-Traded Funds (UTFs) from the Toronto Stock Exchange (TSX) to NEO. Redwood Asset Management (“Redwood”), a wholly owned subsidiary of Purpose, also intends to migrate its UTFs from the TSX to NEO, which will result in listing the whole family of Redwood products on NEO. These CEFs and UTFs will be the first of their kinds to list on NEO, and include the first products to launch on NEO under the Purpose brand.
Purpose intends to migrate two risk-managed CEFs and two risk-managed UTFs and Redwood intends to move two UTFs (collectively “the Funds”) to NEO:
|Purpose||U.S. Banks Income & Growth Fund||PUB.UN|
|Purpose||Limited Duration Investment Grade Preferred Securities Fund
– FX Hedged
|Purpose||Investment Grade Managed Duration Income Fund||PFU.UN|
|Purpose||Energy Credit Opportunities Income Fund
– Currency Hedged
|Redwood||Canadian Investment Grade Preferred Share Fund (P2L)||RIGP|
|Redwood||June 2021 Investment Grade Bond Pool||RBP.UN|
Subject to final approval, the Funds are anticipated to list on NEO on December 28, 2017. When the change in listing venue occurs, Purpose and Redwood will be able to reduce the management expense ratios of these funds. This demonstrates how investors can directly benefit from the competition NEO brings to the Canadian capital markets.
“We are very proud to see Purpose and Redwood make the commitment to both move certain funds from the TSX to our exchange, and also be the first movers in listing other types of exchange traded products with us,” stated Jos Schmitt, President and Chief Executive Officer, NEO Exchange. “As we broaden the scope of our NEO-listed product offering, we are energized by having partners as dedicated as we are to doing what is right for investors. We look forward to welcoming these Purpose and Redwood products to NEO in due course.”
About NEO Exchange
NEO Exchange is a new Canadian stock exchange using a bold new blueprint that puts investors, businesses looking to raise capital and dealers first. Launched in March 2015, the NEO Exchange currently offers an innovative trading venue and a value added listing venue for capital raising companies and investment products.