Omega Preferred Equity Fund to be Closed to New Investors

National Bank Securities has announced:

the Omega Preferred Equity Fund’s closure to new investors as of September 30, 2012. The closure of the Omega Preferred Equity Fund will allow the fund’s portfolio manager (Intact Investment Management Inc.) to continue applying its current investment philosophy. After the fund’s closure to new investors, the fund will continue to be available to existing investors, and shall also remain available to certain other investors, including funds that are managed by NBSI or its affiliates.

“The Omega Preferred Equity Fund was launched in 2007 and has proven to be a superior investment product for investors looking for stable distributions of tax-efficient dividend income” said Michel Falk, President of NBSI. The fund has grown steadily in size since its inception, recently surpassing $470 million in assets under management.

NBSI will be launching the Altamira Preferred Equity Fund for new investors seeking dividend income and capital preservation. This fund will aim to invest in a diversified portfolio of dividend-paying preferred equities.

A preliminary simplified prospectus relating to the Altamira Preferred Equity Fund has been filed with the Canadian securities authorities. Units of the Altamira Preferred Equity Fund cannot be acquired until the relevant securities authorities issue receipts for the simplified prospectus of the fund. Please read the prospectus before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Essentially, this means that National has decided that all new money will be managed in-house. It will be remembered that National Bank owns Altamira.

I can’t find anything about “Altamira Preferred” on SEDAR.

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