First Asset Equal Weight Pipes & Power Income Fund Closes Initial Public Offering.TORONTO -- First Asset Equal Weight Pipes & Power Income Fund (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :EWP.UN) First Asset Funds Inc. is pleased to announce the closing today of the initial public offering of 12 million units of First Asset Equal Weight Pipes & Power Income Fund (the "Fund"). The units are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. ("TSX") under the symbol EWP.UN. The Fund has granted the agents for the offering an over-allotment option to acquire additional units exercisable at any time during the next 30 days. The Fund is designed to provide unitholders with high monthly cash distributions and low management fees together with the opportunity for capital appreciation by investing on a passive basis in an equally weighted diversified portfolio of Pipeline & Power Income Trusts. The Fund's portfolio will be comprised of an approximately equal dollar amount of securities of each Pipeline & Power Income Trust listed on the TSX that pays a regular distribution and that has a market capitalization of at least $200 million at the time of investment. The portfolio will be rebalanced annually to adjust for changes in market capitalizations, to add newly qualified Pipeline & Power Income Trusts and to remove those Pipeline & Power Income Trusts that cease to qualify under the Fund's investment guidelines. As at January 14, 2005, there were 20 qualifying Pipeline & Power Income Trusts. First Asset Funds Inc., the manager of the Fund, is a wholly-owned subsidiary of First Asset Management Inc. ("First Asset"). First Asset is an integrated wealth management company that has acquired top tier investment management firms in Canada, rapidly growing to become a leading Canadian asset management company with approximately $27.8 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. or administration as at January 31, 2005. The syndicate of agents for this offering was led by CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. Inc. and RBC Capital Markets RBC Capital Markets is the corporate and investment banking division of Royal Bank of Canada ("RBC"). Broker dealers Depending on the jurisdiction, the division uses different broker dealer subsidiaries of RBC:
 This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) Securities (Canada) Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc., Raymond James Ltd. and Wellington West Capital Inc. First Asset Equal Weight Pipes & Power Income Fund (TSX:EWP.UN) |
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