TORONTO
,
Sept. 22
/CNW/ - Webb Asset Management
Canada
, Inc. ("Webb
Canada
"), the manager of the Webb Asset Management Canadian Performance Fund, Webb Enhanced Growth Fund and the Webb Enhanced Income Fund (together, the "Funds"), is pleased to announce that effective
October 19, 2009
, JovInvestment Management Inc. ("JovInvestment"), a member of the Jovian Capital Corporation group of companies, will assume the role of portfolio advisor and administrator of the Funds, a role currently performed by Webb
Canada
. As portfolio advisor, JovInvestment will be responsible for coordinating portfolio management and advisory services to the Funds.
Webb
Canada
will continue to act as the trustee and manager of the Funds and Webb Asset Management, Inc. ("Webb USA") of
San Francisco
, California, will continue to act as the Funds' portfolio sub-advisor. As portfolio sub-advisor, Webb USA will continue to provide portfolio management services in respect of the Funds and will be supervised by JovInvestment. As administrator, JovInvestment will be responsible for providing marketing and administrative services to Webb
Canada
and the Funds, including accounting facilities and clerical staff.
"We're confident that our relationship with Jovian will provide the necessary resources, experience and strength needed to succeed in a period of significant regulatory change," said
Derek Webb
, Chairman of Webb
Canada
. "This will allow us to focus entirely on the investment process and superior client service."
Effective immediately, Ken McCord, CFA, currently the President and Chief Executive Officer of Webb
Canada
, has been appointed President of AlphaPro Management Inc., an affiliate of JovInvestment. Effective
October 19, 2009
,
Mr. McCord
will be appointed Vice-President of JovInvestment and will resign as President and Chief Executive Officer of Webb
Canada
. In the interim,
Mr. McCord
will remain a Director of Webb
Canada
. Concurrently,
Derek Webb
, CFA, a Director of Webb
Canada
and the President and Chief Executive Officer of Webb USA, will be appointed President and Chief Executive Officer of Webb
Canada
. These appointments will be subject to any necessary regulatory approval.
About Webb
Canada
Webb
Canada
, the manager of the Webb Funds, is a progressive asset management company established in 2006 by
Derek Webb
and Ken McCord, with the goal of bringing innovative alternative investment strategies to Canadian investors.
About JovInvestment
JovInvestment provides administrative, investment advisory and portfolio management services to a broad range of clients including public mutual funds, closed-end funds, hedge funds, exchange traded funds and principal protected notes. JovInvestment has over
$3.5 billion
in assets under management as at
August 31, 2009
. JovInvestment is a wholly-owned indirect subsidiary of Jovian Capital Corporation.
About Jovian Capital Corporation
Jovian Capital Corporation is a publicly-traded company listed on the
Toronto
Stock Exchange ("JOV"). Jovian acquires, creates and grows financial services companies specializing in wealth and asset management. The Jovian group of companies (AlphaPro Management Inc., BetaPro Management Inc., Horizons Exchange Traded Funds Inc., Horizons Funds Inc., JovFunds Management Inc., JovInvestment Management Inc.,
Leon Frazer
& Associates Inc., MGI Financial Inc., MGI Securities Inc., MGI Securities (USA) Inc., T.E. Wealth and Felcom Data Services Inc.) manages approximately
$12.5 billion
of client assets (
$6.5 billion
in assets under management and
$6.0 billion
in assets under administration). Additional information is available at www.joviancapital.com and www.sedar.com.
For further information: Ken McCord, President & Chief Executive Officer, Webb Asset Management Canada, Inc., Tel: (416) 646-0975, Fax: (416) 601-2501, [email protected]
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