TORONTO, February 16, 2006 - First Asset Funds Inc. is pleased to announce the closing today of the initial public offering of 2.5 million units of Payout PerformersTM Income Fund (the "Fund"). 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 Trust's units are listed on the Toronto Stock Exchange ("TSX") under the symbol PPF.UN.
The Fund is designed to provide unitholders with monthly cash distributions and the opportunity for capital appreciation by passively investing in a diversified equally-weighted portfolio of securities of Income Trusts listed on the Toronto Stock Exchange that have a history of consecutively raising their annual distributions ("Payout PerformersTM"). In order to qualify as a Payout PerformerTM, an Income Trust must, at the time of investment, have either: (i) consecutively increased its total cash distribution in each of the last five years, or (ii) consecutively increased its total cash distribution in each year of operation and have at least three full years of operating history. In addition, at the time of investment, each Payout PerformerTM must have a market capitalization of not less than $300 million.
First Asset Funds Inc., the manager of the Fund, is an indirect wholly-owned affiliate of Affiliated Managers Group, Inc. ("AMG"). AMG is a U.S.-based asset management holding company with equity investments in a diverse group of mid-sized investment management firms throughout North America and Europe. AMG is listed on the New York Stock Exchange under the symbol "AMG".
The syndicate of agents for this offering which was led by CIBC World Markets Inc. and RBC Capital Markets, includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Blackmont Capital Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, Raymond James Ltd., Research Capital Corporation and Wellington West Capital Inc.
For further information, please call Rob MacNiven, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289 or visit www.firstassetfunds.com.