Marret Asset Management launches Marret High Yield Strategies fund

By Angela McDaniels

Tacoma, Wash., June 17 - Marret Asset Management Inc. said the Marret High Yield Strategies fund has completed a C$215 million initial public offering of units.

The fund sold 21.5 million units for C$10 apiece, according to a company news release.

The units were slated to begin trading on Wednesday on the Toronto Stock Exchange under the symbol "MHY."

Marret Asset Management said the fund will seek to maximize total returns for unitholders, consisting of both tax-advantaged distributions and capital appreciation, while reducing risk.

The monthly cash distributions are initially targeted at 8% per year on the original issue price of $10 per unit.

The syndicate of agents for the offering was co-led by RBC Capital Markets and GMP Securities LP and included CIBC World Markets Inc., Scotia Capital Inc., Dundee Securities Corp., Canaccord Capital Corp., Raymond James Ltd., Blackmont Capital Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Manulife Securities Inc., Wellington West Capital Markets Inc. and Research Capital Corp.

Marret Asset Management is a Toronto-based firm that specialize in fixed income and, particularly, in high-yield debt.

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