AlphaNorth launches new Growth Fund

AlphaNorth Asset Management has announced it has filed a preliminary simplified prospectus for a new open-ended mutual fund: AlphaNorth Growth Fund, a class of shares of AlphaNorth Mutual Funds Limited.

The fund will employ a similar investment methodology as the AlphaNorth Partners Fund and will seek to generate industry leading long term returns by providing investors with exposure to Canadian companies. The fund is expected to have an initial closing date in late May 2011 pending the issue of a receipt for the final simplified prospectus.

The fund will be managed by Steve Palmer and provided that AlphaNorth Mutual Funds Limited qualifies as a “mutual fund corporation” under the Income Tax Act, shares of the fund will be qualified investments under the Tax Act for trusts governed by registered retirement savings plans, registered retirement income funds, deferred profit sharing plans, registered disability savings plans, tax free savings accounts and registered education savings plans.

The fund will launch at $10 per share and with a minimum subscription amount of $1,000. FundSERV codes for Series A and F shares are AAM400 and AAM401 respectively. After the initial closing, the fund will be available for purchase on a daily basis at the prevailing net asset value per share of the fund.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.