Stone Asset Management Limited Announces Closure of Six Former Marquest Funds
TORONTO — January 14, 2019 — Stone Asset Management Limited (“SAM”), the Trustee and Manager of the Funds, recently announced plans to terminate operations of six retail mutual funds. The closures will occur on or about March 20, 2019, for the following Funds:
Stone Canadian Bond Fund – formerly Marquest Canadian Bond Fund
Stone Money Market Fund – formerly Marquest Money Market Fund
Stone Short Term Income Fund (Corporate Class) – formerly Marquest Short Term Income Fund (Corporate Class)
Stone Canadian Resource Fund – formerly Marquest Canadian Resource Fund
Stone Canadian Resource Fund (Corporate Class) – formerly Marquest Canadian Resource Fund (Corporate Class)
Stone Monthly Pay Fund (Corporate Class) – formerly Marquest Monthly Pay Fund (Corporate Class)
(collectively, the “Funds”)
The decision to terminate was made in consideration of each Fund’s small asset size, limited demand from new investors and high fund operating expenses borne by investors making it uneconomic to fulfill the Fund’s objective.
“The goal of the Marquest acquisition was to expand investment options for investors under the SAM investment management philosophy, which is rooted in integrity and always doing the right thing for investors,” said Founder and Chief Executive Officer, Richard Stone. “We believe the termination of these Funds is in the best interest of the existing unitholders.”
Notifications to investors in these Funds will be sent out in January 2019. Investors have the option of switching to units of a different Stone Fund, redeeming or transferring to reinvest in another group of funds, or redeeming for cash. Investors will not be required to pay any redemption fees, sales charges or other fund fees associated with the termination of the Fund.
Investors in these Funds are encouraged to speak to their Financial Advisor regarding their investment options and to determine any tax implications associated with redeeming units of the Funds.
Stone Investment Group Limited is an independent, Canadian-owned wealth management company and the parent company to its wholly owned subsidiary, Stone Asset Management Limited (“SAM”). SAM is an active asset manager, providing investment management services via distinctive investment mandates, overseen daily by the disciplined execution of a proprietary investment process and investment philosophy. Access to SAM investment mandates can be achieved via a family of open-ended mutual funds, a pooled fund, and Private Wealth Management services. SAM’s expertise ranges from servicing Canada’s retail investors and working with their financial advisors to the complexities of working directly with Family Offices, endowments and foundations.
At Stone, we want our investors to sleep well, knowing they’ll have the financial resources to live well.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Jason Stone, Vice President National Accounts
1 800 336 9528 x4429