Pender Balanced Fund Portfolio Advisor Change

VANCOUVER, Jan. 20, 2015 /CNW/ - PenderFund Capital Management Ltd. ("Pender"), the manager of the Pender Mutual Funds, today announced a portfolio advisor change for the Pender Balanced Fund (the "Fund").

Effective on or about January 23, 2015, Pender will become the portfolio advisor for the entire equity portfolio of the Fund, replacing Dixon Mitchell Investment Counsel Inc.

The lead portfolio manager will be Felix Narhi, CFA and the co-manager will be David Barr, CFA. Mr. Narhi brings extensive industry experience to the management of this Fund, with over 10 years experience in equity analysis and portfolio management. He is currently the portfolio manager of the Pender US All Cap Equity Fund.

Pender has always been the portfolio manager of the Fund and has been responsible for asset allocation. Historically, the mid to large cap portion of the equity side was managed by Dixon Mitchell and the small cap portion was managed by Pender. In order to build a properly diversified equity portfolio and manage the risk of the equity portion, Pender is taking over management of all of the equity side. Fulcra Asset Management will continue to advise on the fixed income portion of the portfolio.

"By bringing the investment management of the Pender Balanced Fund in-house, investors in the fund now have the opportunity to benefit from our experience and expertise in equity markets," said David Barr, Chief Investment Officer of Pender.

"We would like to thank Dixon Mitchell for the years in which they managed this Fund and wish them ongoing success," added Kelly Edmison, President and CEO of Pender.

No changes to the investment objectives or strategies of the Fund, as set out in the Simplified Prospectus, are anticipated at this time.

About PenderFund Capital Management Ltd.

Pender is an independent, employee-owned, value-based investment firm located in Vancouver. Our goal is to create value for our investors by generating superior risk-adjusted returns, while protecting capital and minimizing downside risk.

Pender was founded in 2003 and is the Manager of the Pender Balanced Fund, Pender Canadian Equity Fund, Pender Corporate Bond Fund, Pender Small Cap Opportunities Fund, Pender US All Cap Equity Fund, Pender Value Fund and Pender Select Ideas Fund.

Visit www.penderfund.com

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

SOURCE PenderFund Capital Management Ltd.

Melanie Moore, Director of Marketing, [email protected], Toll Free: 1-866-377-4743, www.penderfund.com