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National Bank Financial Group has inked a deal to buy a 20% stake in AlphaPro Management Inc., a subsidiary of BetaPro Management Inc.

AlphaPro is the manager of Horizons AlphaPro ETFs, a unique family of actively managed ETFs, with about $64 million in client assets investors.

“As interest in ETFs continues to grow, we believe actively managed ETFs will significantly grow their market share,” said Adam Felesky, Chief Executive Officer of AlphaPro. “AlphaPro intends to be at the forefront in developing this market.”

The deal remains subject to regulatory approval, but is expected to close later this summer.

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Counsel Wealth names new sub-advisor

Counsel Wealth Management has selected Forum Partners Europe (U.K.) LLP to be the sub-advisor for Counsel Global Real Estate.

Beginning July 1, 2009, Forum Partners will replace Citi Property Investors, a division of Citigroup Alternative Investments LLC.

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GrowthWorks completes Mavrix purchase

Mavrix Fund Management has obtained final court approval for the sale of the company to GrowthWorks Ltd., for $0.25 per share in cash. The deal was finalized June 30, 2009.

Mavrix’s common shares and publicly listed convertible debentures will be de-listed from the Toronto Stock Exchange within a week. Growthworks has applied to have the debentures listed on the Canadian National Stock Exchange.

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Claymore files prospectus for Silver Bullion Trust

Claymore Investments has filed the final prospectus for the initial public offering of the Claymore Silver Bullion Trust. The fund’s investment objective is to replicate the performance of the price of silver bullion, less the fund’s expenses and fees.

A minimum size of the offering has been pegged at $20 million, to a maximum of $200 million. Closing is scheduled to occur on, or about, July 15, 2009.

The fund will automatically convert into an exchange-traded fund if the fund units trade at a discount to net asset value for 10 consecutive days after the date that is six months following the closing of the offering.

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Horizons AlphaPro files Fiera Tactical Bond Fund prospectus

AlphaPro has filed a final prospectus in respect of an IPO of Class A and Class F units of the Horizons AlphaPro Fiera Tactical Bond Fund.

The fund’s objective is to provide investors with a stable stream of tax efficient monthly distributions and the opportunity for capital appreciation.

“This fund combines exposure to the expertise of one of the best fixed-income managers in Canada, Fiera Capital, and the benefits of ETFs, including intraday liquidity, broad fixed-income diversification and a lower cost than traditional mutual funds,” says Howard Atkinson, president of AlphaPro.

The closing date of the offering is expected to be July 21, 2009. The fund is expected to automatically convert into an actively managed ETF on or after June 30, 2010 and, in any event, no later than Dec. 31, 2010.

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BluMont merges funds

In an effort to streamline its fund line-up, BluMont Capital Corporation plans to merge its Canadian Opportunities Fund and Hirsh Long/Short Fund with the BluMont Core Hedge Fund.

BluMont believes that the termination of the Canadian Opportunities Fund and the Hirsh Long/Short Fund will benefit unitholders by providing increased economies of scale for operating expenses and/or the potential for increased portfolio diversification.

The Canadian Opportunities Fund and the Long/Short Fund will be terminated as of Aug. 7, 2009. On this date, unitholders of terminating funds can transfer their investments in-kind to the Core Hedge Fund.

(07/02/09)