Arrow Capital's East Coast fund raises C$135 million in IPO of units

By Tali David

Minneapolis, May 18 - Arrow Capital Management Inc. announced that East Coast Investment Grade Income Fund completed its initial public offering of 11.25 million units at C$12 per unit, raising C$135 million, according to a press release.

The units began trading on the Toronto Stock Exchange on May 18 under the symbol "ECF.UN." The syndicate of agents, led by RBC Capital Markets and including CIBC, TD Securities Inc., BMO Capital Markets, Scotiabank, Macquarie Private Wealth Inc., GMP Securities LP, Raymond James Ltd., Canaccord Genuity Corp. and Manulife Securities Inc., have a 30-day over-allotment option for an additional 1,687,500 units.

The fund was created to provide tax-advantaged, enhanced exposure to a portfolio comprised primarily of Canadian investment-grade corporate bonds. The portfolio seeks to generate attractive risk-adjusted returns while seeking to eliminate the interest rate risk normally associated with such fixed-income investments.

Mike MacBain leads the fund's investment and trading team. MacBain is the former president of TD Securities and former head of global fixed income, cash, derivatives and currencies at RBC Capital Markets.

Toronto-based East Coast Fund Management Inc. serves as the investment adviser.

Arrow is an alternative investment fund company based in Toronto.

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