Last updated: Jun-20-2018

Fund news: Redwood lists 2, Investors merges 20, Top 10 categories
6/21/2018 10:30:48 AM
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News, announcements, and updates from Fund Library

By Fund Library News Wire  | Thursday, March 16, 2017


By Mike Keerma

* Redwood lists two preferred share funds on NEO.
* Investors Group merges 20 funds.

* Top 10 fund categories for February.

* Redwood lists two preferred share funds on NEO. Redwood Asset Management Inc. announced on March 15 that its two new income-generating preferred share funds have begun trading on the NEO Stock Exchange.

Redwood U.S. Preferred Share Fund (NEO: RPU) is managed by Chicago-based Nuveen Asset Management, using a fundamental, active approach that combines bottom-up credit research and top-down structural analysis to invest in U.S. institutional preferred securities. The fund provides access to preferred shares across the US$1,000-par institutional market and is offered in both currency hedged (RPU) and non-currency hedged (RPU.B) units.

Redwood Floating Rate Preferred Fund (NEO: RPS) uses top-down macro analysis and bottom-up stock selection as well as active risk mitigation to invest primarily in investment-grade Canadian preferred shares.

Peter Shippen, President and Chief Executive Officer of Redwood Asset Management, said in a release, “Today's launch of these two Funds on NEO represents an important expansion of Redwood’s product capabilities, and is the first of a series of ETFs we will be bringing to market.”

* Investors Group merges 20 funds. Investors Group announced on March 15 a number of fund mergers, saying the action will streamline Investors fund offering, “making it easier for clients to find appropriate products.” The proposed mergers, shown in the table below, are subject to approvals, and are expected to take effect after the close of business on June 16, 2017:

Investors Group also announced that it is reducing fees on a number of the Continuing Funds so that unitholders do not end up paying higher fees as a result of the mergers. As of June 1, fees of several of the Allegro Portfolios and Allegro Portfolio Classes will be reduced between 0.25 and 8.6 basis points regardless of whether the mergers are approved.

Check Fund Library’s Market Activity page regularly for active updates on key market indexes and commodities.

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© 2017 by Fund Library. All rights reserved. Reproduction in whole or in part by any means without prior written permission is prohibited.

The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.

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