An deal has been struck for Ridgewood Capital Asset Management to acquire Mulvihill Capital Management’s institutional and wealth management divisions, TradingMarkets.com reports.
Upon completion of the transaction contemplated by the agreement, Ridgewood will become the manager and the trustee of the following mutual funds: Mulvihill Canadian Money Market Fund, Mulvihill Canadian Bond Fund, Mulvihill Global Equity Fund and Mulvihill Total Return Fund, replacing Mulvihill Fund Services.
In addition,
Ridgewood will become the primary investment advisor of each fund, other than
Mulvihill Total Return Fund, for which
Mulvihill will continue to act as the primary investment advisor. The individuals principally responsible for the day-to-day management of the portfolio of each fund will remain the same.
The transaction is expected to close in September 2008 and is subject to regulatory and other approvals. In particular, approval of the unit holders of each fund is required for the appointment of the new manager and trustee.
