Proposed Change of Manager of Redwood Global Macro Class

TORONTO, ON / ACCESSWIRE / December 1, 2015 / Redwood Asset Management Inc. (“Redwood“) and AIP Asset Management Inc. (“AIP“) are pleased to announce that they have entered into an agreement dated November 23, 2015 (the “Agreement“) pursuant to which the manager of Redwood Global Macro Class (the “Fund“), a class of mutual fund shares of Ark Mutual Funds Ltd. (“Ark Ltd.“), is proposed to be changed from Redwood to AIP (the “Change of Manager“), subject to the receipt of all necessary securityholder and regulatory approvals.

Effective on the Change of Manager, the name of the Fund will be changed by AIP to “AIP Global Macro Class”. AIP is the portfolio advisor to the Fund, and will continue to act as portfolio advisor of the Fund upon the Change of Manager. There is no intention to change the current investment objectives, strategies or fees and expenses of the Fund.

The proposed Change of Manager will be subject to approval by the securityholders of the Fund at a special meeting to be held on or about February 26, 2016 (the “Special Meeting“). Prior to the Special Meeting, a notice of special meeting, management information circular and form of proxy will be mailed to securityholders. If approved, the proposed Change of Manager is expected to become effective on or about March 1, 2016 (the “Effective Date“).

As part of the transaction, and subject to the approval and completion of the Change of Manager, the assets of the Fund are intended to be merged with a newly created Fund of AIP (“AIP Global Macro Class“). Approval for the merger (the “Merger“) will also be sought at the Special Meeting. It is anticipated that the Merger will be effective on or about March 1, 2016.

Provided that the Change of Manager is effected, the auditor of the Fund may be changed. The current auditor of the Fund is PricewaterhouseCoopers LLP. Any change in auditor will also be subject to Independent Review Committee Approval and regulatory notice to unitholders.

AIP is a Toronto-based asset management company managing hedge and mutual funds and discretionary separately managed accounts. AIP was recently nominated for the Ernst and Young Entrepreneur of the Year Award. AIP has also been named Best Emerging Market Focused Private Investment Firm in North America at the Alternative Investment Awards and it was named Best Macro Hedge Fund in Canada at he Hedge Fund Awards sponsored by Barclay Hedge.

For further information:
Peter Shippen, President
Redwood Asset Management Inc.
Tel: (416) 304-6811
Fax: (416) 368-1608
e-mail: pshippen@redwoodasset.com
www.redwoodasset.com

This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to U.S. news wire services.

SOURCE: Redwood Asset Management Inc.

ReleaseID: 434242