OceanRock Investments has announced a number of strategic enhancements to its fund line up that will take effect on April 15, 2014.
To provide investors with a better opportunity to generate income in a challenging interest rate environment, unitholders approved a change to the fundamental investment objective of the Meritas Money Market Fund including changing the name to the Meritas Strategic Income Fund.
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The Meritas Strategic Income Fund is uniquely designed to provide targeted exposure to Canadian short-term fixed income and equity income securities. Unitholders also approved an amendment to the maximum annual management fees of Series A and F units to 1.50% and 0.85% respectively.
Frederick M. Pinto, CFA, CEO OceanRock, said: "We made these changes in the best interest of our unitholders, many of whom struggle to find a compelling income option, especially given prevailing low interest rates. Moreover, exposure to shorter-term credit and equity income positions this fund well when we see interest rates make their eventual move upwards."
Barrantagh Investment Management, a specialized boutique sub-adviser has been hired to manage the equity income component of the Meritas Strategic Income Fund. The short-term fixed income component will be managed by the fund’s current sub-adviser, Aegon Capital Management Inc.
Manmeet Bhatia, CFA, CIO, OceanRock, said "Barrantagh’s unique approach to equity income combined with the strength of Aegon’s credit analysis provides for a superior income option while offering additional diversification which we believe will reduce overall portfolio volatility in our managed portfolio solutions."
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By GlobalDataA new world class sub-adviser, Lazard Asset Management LLC, has also been added to OceanRock’s already impressive line-up to act as sub-adviser to the OceanRock International Equity Fund.
Bhatia added: "Our due diligence process involves seeking high quality investment managers who enhance the overall risk and return profile of our investment solutions. With Lazard, we not only found a global company with investment professionals around the world, but a strong fit with our existing line-up of Canadian and US managers in the OceanRock fund family."
Lastly, in a commitment to offer compelling investment solutions that are attractively-priced, OceanRock lowered the maximum annual management fees on both the A and F series of the Meritas Canadian Bond Fund. Effective April 1, 2014, the new fees are 1.25% (A Series) and 0.75% (F Series).
These fund enhancements bolster OceanRock’s commitment to provide focused relevant solutions to all investors and advisors, particularly in OceanRock’s nationwide credit union distribution channel. These changes also reinforce OceanRock’s disciplined investment philosophy and commitment to offer solutions built on a foundation of exceptional sub-advisers carefully selected using thorough due diligence and closely monitored on an on-going basis.
