Ridgewood Capital Asset Management Inc. closes acquisition of institutional and wealth management businesses from Mulvihill Capital Management Inc.
TORONTO, Sept. 3 /CNW/ - Ridgewood Capital Asset Management Inc. ("Ridgewood") is pleased to announce that it has completed the acquisition of the institutional and wealth management division of Mulvihill Capital Management Inc. ("Mulvihill"). The acquisition closed on September 1, 2008 and was completed further to an agreement entered into on July 2, 2008.
In connection with the closing, Ridgewood has replaced Mulvihill Fund Services Inc. as the manager and the trustee of the mutual funds set out below (each a "Fund"). Each Fund has also been re-named by Ridgewood as indicated.
| Fund | New Name |
| Mulvihill Canadian Money Market Fund | Ridgewood Canadian Money Market Fund |
| Mulvihill Canadian Bond Fund | Ridgewood Canadian Bond Fund |
| Mulvihill Global Equity Fund | Ridgewood Global Equity Fund |
| Mulvihill Total Return Fund | 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 is a newly-formed corporation controlled by John H. Simpson and Paul Meyer. Ridgewood 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.