First Asset launches actively managed Canadian and U.S. ETFs

Rudy Luukko 23 September, 2016 | 5:00PM
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Taking advantage of its CI corporate connections, First Asset Investment Management Inc. has launched a pair of actively managed exchange-traded funds.

First Asset Cambridge Core Canadian Equity (FCE) and First Asset Cambridge Core U.S. Equity -- the latter available as either currency-hedged (FCY) or unhedged (FCY.B) share classes) -- began trading today on the Toronto Stock Exchange.

The two ETFs will invest primarily in equity and equity-related securities of large and mid-capitalization Canadian and U.S. issuers, respectively. The management fee for each ETF is 0.70%, not including operating expenses.

Both new offerings are managed by Cambridge Global Asset Management, an affiliate of First Asset. The money manager is a division of CI Investments Inc., which like First Asset is a subsidiary of  CI Financial Corp. (CIX). The Cambridge team is led by five principals: chief investment officer Brandon Snow, Alan Radlo, Robert Swanson, Stephen Groff and Greg Dean.

First Asset said in a release that each portfolio will typically consist of 20-25 holdings, each representing between 3-5% of the portfolio. Cambridge Global Asset Management, which has more than $15 billion in assets under management, employs a blend of value and growth fundamentals, along with criteria such as industry prospects, competitive position and the quality of management.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
CI Financial Corp16.55 CAD1.78Rating

About Author

Rudy Luukko

Rudy Luukko  Rudy Luukko is a freelance writer who contributes to Morningstar.ca on topics involving fund industry trends and regulatory issues. He retired in May 2018 from his position as editor, investment and personal finance, at Morningstar Canada, where he had worked since 2004. He has also worked as an editor and writer for various general, specialty and institutional media, and he has co-authored courses for the Canadian Securities Institute. Follow Rudy on Twitter: @RudyLuukko.

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