TORONTO, March 29, 2019 (GLOBE NEWSWIRE) -- Purpose Investments Inc. (“Purpose Investments” or “Purpose”) today announced that Neuberger Berman Investment Advisers LLC (“NBIA”) has been appointed as sub-advisor of Purpose US Preferred Share Fund and Investment Grade Managed Duration Income Fund. These changes are effective as of April 29, 2019.
The change in sub-advisor is being undertaken to enhance the value to unitholders. In Purpose US Preferred Share Fund, the new sub-advisor will incorporate more unique asset classes such as corporate hybrids and seek to enhance diversification through global instruments and non-bank securities, while continuing to predominantly invest in US preferred shares.
At the same time as the change in sub-advisor, the management fees for Purpose US Preferred Share Fund ETF units and Series F mutual fund units will be reduced from 0.80% to 0.75%. The management fee for Purpose US Preferred Share Fund Series A mutual fund units will be reduced from 1.55% to 1.50%. These changes apply to currency-hedged and non-currency-hedged units. The management fee for Investment Grade Managed Duration Income Fund will not change.
The change represents a deepening of the relationship with our partners at NBIA, a global firm with decades of experience managing institutional assets. In addition to Purpose US Preferred Share Fund and Investment Grade Managed Duration Income Fund, NBIA also manages Purpose Global Bond Fund and Purpose Floating Rate Income Fund.
NBIA manages more than $140-billion in fixed income assets. NBIA’s fixed-income team includes more than 170 professionals across eight locations globally.
About Purpose Investments
Purpose Investments is an asset management company with more than $6-billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.
About Neuberger Berman Investment Advisers
Neuberger Berman Investment Advisers, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds—on behalf of institutions, advisors and individual investors globally.
For further information please contact:
Matt Padanyi
Purpose Investments Inc.
Tel: (877) 789-1517
Email: info@purposeinvest.com
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to US news wire services.