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Invesco Trimark has announced the promotion of three investment analysts to the position of portfolio manager.

Erin Greenfield has been appointed portfolio manager of Trimark Global Endeavour Fund/Class and Trimark Global Mid-Cap Equity Private Pool, where he will work alongside Jeff Hyrich. Greenfield joined the company in 2005 and has been working with Hyrich since 2007.

Mark Uptigrove has been promoted to PM on Trimark Canadian Endeavour Fund, where he will continue to work with Clayton Zacharias. He joined the firm in 2005 and has been working with Zacharias since 2007.

Lauree Wheatley joined Invesco Trimark in 2006 as an analyst on Trimark Canadian Resources Fund and Trimark Diversified Income Class. She joins Rory Ronan and Don Simpson as portfolio manager on Trimark Income Growth Fund, Trimark Diversified Income Class, Trimark Canadian Plus Dividend Class, Trimark Monthly Income Private Pool and Invesco Trimark Core Canadian Balanced Class.

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VenGrowth ends weekly redemptions

The directors of the VenGrowth Investment Fund and VenGrowth II Investment Fund have announced that the funds will no longer offer weekly redemptions, in an effort to preserve shareholder value. Investors will now receive annual distributions, derived from the disposition of portfolio companies.

“While not a decision we take lightly, we are convinced that the move to an annual distribution policy is the right decision for our shareholders,” said David Ferguson, VenGrowth managing general partner. “It will balance the desire to generate annual distributions to shareholders, while ensuring that a fair value for the excellent private portfolio companies can be obtained.”

The economic and market downturn has left little appetite for initial public offerings, the usual exit strategy for venture capital funds. Vengrowth fund managers say they believe they hold portfolios of high-quality companies, but that “advanced negotiations with prospective acquirers of a number of the funds’ portfolio companies have been temporarily put on hold.”

The move was recommended by the funds’ independent review committee as a means of ensuring that all investors shared in the risks and returns of the funds. Weekly redemptions had made it difficult for the funds to maintain liquidity.

The company says the move is “consistent with VenGrowth’s institutional-style approach,” as institutional venture funds are typically run as finite pools. Investments are managed to maturity and then exit proceeds are distributed to investors as the fund is eventually wound down.

Under the new distribution policy, the board of each fund will make a determination of the surplus cash available to be distributed to shareholders at the completion of each fiscal year, starting August 31, 2009.

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Mackenzie launches new line of seg funds

Mackenzie Financial has launched a new line of segregated fund policies issued by The Great-West Life Assurance Company.

Mackenzie Guaranteed Investment Funds are available in three versions, with differing levels of protection: Mackenzie GIF Core, Mackenzie GIF Intermediate and Mackenzie GIF Enhanced. The Intermediate and Enhanced version offer an optional annual reset provision that automatically locks in investment gains while protecting against future market losses.

“Mackenzie GIFs meet the needs of a variety of investors with a low risk tolerance looking for a secure, long-term investment,” said David Feather, president of Mackenzie Financial Services Inc. “With Mackenzie GIFs, you are protected when markets fall, but still have capital appreciation potential when markets rise.”

Investors have a choice of 22 funds that are managed by professional managers from Canada and around the world. Investors can choose between a 75% or 100% maturity guarantee and a 75% or 100% death benefit guarantee.

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Bond manager quits Capital International

Capital International Asset Management (Canada), Inc. has announced the departure of one of the managers of its Canadian Core Plus Fixed Income portfolio, after Michael Locke resigned.

Locke had spent 12 of his 13 years in the industry with Capital. The fund retains its more senior manager, Mark Brett, a 29-year veteran who has been with Capital for 14 years.

Since its launch in April 2008, the fund has struggled to attract assets, with just over $13 million under management, as of December 9, 2008.

(12/10/08)