Ridgewood Capital closes deal for
Mulvihill Capital wealth management unit
Wednesday, September 3, 2008
New names for four Mulvihill funds
Ridgewood Capital Asset Management Inc. has completed the acquisition of the institutional and wealth management division of Mulvihill Capital Management Inc.
The acquisition closed on September 1, and was completed according to an agreement entered into on July 2.
In connection with the closing, Ridgewood has replaced Mulvihill Fund Services Inc. as the manager and the trustee of four mutual funds. Each fund has also been re-named by Ridgewood:
> Mulvihill Canadian Money Market Fund becomes Ridgewood Canadian Money Market Fund;
> Mulvihill Canadian Bond Fund becomes Ridgewood Canadian Bond Fund;
> Mulvihill Global Equity Fund becomes Ridgewood Global Equity Fund; and
> Mulvihill Total Return Fund becomes Ridgewood Total Return Fund.
In addition, Ridgewood is now the primary investment advisor of each fund, other than Ridgewood Total Return Fund, for which Mulvihill will continue to act as the primary investment advisor. The individuals that were principally responsible for the day-to-day management of the portfolio of each fund will remain the same, Ridgewood says.
Ridgewood is a newly-formed corporation controlled by John H. Simpson and Paul Meyer. The company will provide investment counseling and portfolio management services.
Mulvihill, which will now focus its activities on its
money management and structured products business, holds a minority interest in Ridgewood.