TORONTO, Oct. 23 /CNW/ - Citibank Canada and Triax Advanced Strategies Inc., a wholly-owned subsidiary of Triax Capital Holdings Ltd., are pleased to announce the launch of the GPR (Guaranteed Principal Repayment) Hedge Fund Notes issued by Citibank Canada pursuant to an Information Statement dated October 19, 2001. The offering is scheduled to close on or about November 30, 2001. The subscription price per Note is $10, with a minimum initial investment of $5,000.
The Notes are deposits offered by Citibank Canada and are structured in the following manner: (i) Guaranteed Principal Repayment: Guaranteed repayment by Citibank Canada of the $10 subscription price on November 30, 2011, the maturity date of the Notes, with the obligations of Citibank Canada under the Notes being guaranteed by Citibank, N.A. (ii) Return and Risk Objectives: The return and risk objectives of the Notes are: (a) a target compound annual rate of return of 10%; (b) to achieve volatility of returns less than one-third of the volatility of the returns of major North American equity markets; and (c) to achieve returns substantially independent of the returns of major North American fixed income and equity markets.
The return on the Notes will be linked to the performance of a dedicated portfolio of hedge funds selected, monitored and actively managed by Chicago-based Mesirow Advanced Strategies, Inc. following its proprietary allocation methodology to select, monitor and manage investments in hedge funds diversified by style and strategy. Mesirow acts as a "fund of funds" manager of hedge funds and created its first "fund of funds" in 1990. Mesirow manages in excess of Cdn. $3 billion in hedge funds on behalf of a variety of institutional clients in various jurisdictions. Mesirow is a wholly-owned subsidiary of Mesirow Financial Holdings, Inc. ("MFHI"). MFHI is a Chicago-based diversified financial institution that provides investment banking, securities brokerage, insurance services, real estate services and investment management services to its clients. MFHI has managed assets since its inception in 1937. MFHI has over 700 employees in 10 offices in the United States, with the principal office located in Chicago, Illinois.
National Bank Financial Inc. and Merrill Lynch Canada Inc. are the lead agents for the Offering. The syndicate also includes RBC Dominion Securities Inc., TD Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc., Canaccord Capital Corporation, Yorkton Securities Inc., Raymond James Ltd. and Trilon Securities Corporation.
For a copy of the Information statement, please contact your financial advisor.
For further information: please contact Triax Advanced Strategies Inc. at (416) 362-2929 or (800) 407-0287. This press release concerns more than one organization.