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.