Pro-Financial Asset Management Inc. to take over management of PIE Portfolio Index Evolution Corporation

TORONTO, Aug. 15, 2012 /CNW/ - In its capacity as Manager of PIE Portfolio Index Evolution Corporation, R.N. Croft Financial Group Inc.  ("CFG") today announced that it has entered into an agreement with Pro-Financial Asset Management Inc. ("PFAM") pursuant to which PFAM will assume the management of PIE Portfolio Index Evolution Corporation.

The transaction is subject to regulatory approval and other approvals including the approval of shareholders of the Class A-1 Income shares, the Class B-1 Canadian Equity shares, the Class C-1 U.S. Equity shares, the Class D-1 International Equity shares, the Class E-1 Emerging Markets Equity shares and the Class F-1 Alternative Strategies shares of PIE Portfolio Index Evolution Corporation (each, a "Fund" and collectively, the "Funds").

In the opinion of CFG, the change in manager is in the best interests of all shareholders of the Funds.  To meet regulatory requirements, the transfer requires the recommendation of the Independent Review Committee of the Funds, which was given in the affirmative on August 14, 2012, and also requires approvals from shareholders, regulators, and certain other parties.

A special meeting of shareholders of each Fund will be held on September 26, 2012.

Information circulars providing details with respect to the matters to be presented at the meeting, together with proxy materials, will be mailed to shareholders.  If approved by shareholders, and assuming the satisfaction of all other conditions, the transaction would be expected to close within a short period following the meeting.

About Pro-Financial Asset Management Inc.

PFAM is a leading provider of the award winning Fundamental Indexation methodology for mutual funds. PFAM is a pioneer in bringing enhanced index mutual fund products to Canadians in a low cost investment solution through the Pro-Index Fund lineup. The Pro-Index Funds have a five-year proven track record with six of nine funds rated top quartile by Morningstar.  PFAM was honoured as a Lipper Award winner for the years 2011 and 2012 and the Pro FTSE RAFI Hong Kong China fund has achieved the Fundata FundGrade A+ rating for 2011. The addition of the PIE Funds to the Pro-Index platform will provide a new corporate class structure for the Pro-Index Funds and serves PFAM strategically in the launch of exchange traded funds and a wrap product expected in late 2012.

About R.N. Croft Financial Group Inc.

CFG is a boutique portfolio management company, providing fully customized discretionary asset management to discriminating investors. The firm's investment approach combines low cost tax-efficient indexed investment strategies, with targeted active management, and sophisticated options techniques to maximize client returns at any risk level.

SOURCE: R.N. Croft Financial Group Inc.

For investor, advisor or media inquiries, please contact:

R.N. Croft Financial Group Inc.
218 Steeles Ave East
Thornhill, Ontario
Canada
L3T 1A6
Telephone: [phone]
Email:[email protected]

Pro-Financial Asset Management Inc.
Glen Abbey Golf Course | Old Abbey Building
1333 Dorval Drive, Suite 100
Oakville, Ontario
Canada
L6M 4G2
Telephone: [phone]
Email:[email protected]