40|86 Strategic Income Fund Announces Proposed Management Agreement With Hyperion Brookfield Asset Management, Inc.
27 May 2009 - 6:05AM
PR Newswire (US)
CARMEL, Ind., May 26 /PRNewswire-FirstCall/ -- 40|86 Strategic
Income Fund (NYSE:CFD) (Fund) announced today that, on May 21,
2009, the Board of Trustees of the Fund (Board) approved an
investment management and administration agreement with Hyperion
Brookfield Asset Management, Inc. (Hyperion Brookfield) under which
Hyperion Brookfield, an investment adviser registered with the
Securities and Exchange Commission, would become the new investment
adviser and administrator of the Fund. The new management agreement
would not become effective until approved by the shareholders of
the Fund. The Fund's current investment adviser, 40|86 Advisors,
Inc. (40|86 Advisors), has determined as a business matter to
discontinue management of the Fund, but is expected to continue to
provide advisory and administration services for the Fund until the
new contract with Hyperion Brookfield is effective. The Board has
called a special meeting of Fund shareholders on August 12, 2009 to
vote on the proposed contract with Hyperion Brookfield. If the new
contract is approved on that date, Hyperion Brookfield is expected
to assume management of the Fund on or around September 1, 2009.
Additionally, if the new contract is approved, the Board has
proposed that the shareholders elect a new board of trustees for
the Fund consisting primarily of individuals who serve as trustees
or directors of the other registered investment companies currently
managed by Hyperion Brookfield. Additional information about the
proposed new management agreement and Board nominees will be sent
to shareholders of the Fund as part of proxy solicitation
materials. About Hyperion Brookfield Asset Management, Inc.:
Hyperion Brookfield is a fixed income investment advisor
headquartered in New York City. Founded in 1989, Hyperion
Brookfield strives to achieve superior long-term results for
institutional and retail investors by applying a disciplined,
relative value investment philosophy. With approximately $16
billion in assets under management, Hyperion Brookfield's
institutional clients include pension funds, financial
institutions, investment companies, insurance companies,
foundations and endowments. Hyperion Brookfield is a subsidiary of
Brookfield Asset Management Inc. (NYSE:BAM) (TSX: BAM.A), a global
asset manager focused on property, power and other infrastructure
assets with approximately $80 billion of assets under management.
About 40|86 Advisors, Inc.: 40|86 Advisors, Inc. is a wholly owned
subsidiary of Conseco, Inc. (NYSE: CNO). Conseco, Inc.'s insurance
companies help protect working American families and seniors from
financial adversity: Medicare supplement, long-term care, cancer,
heart/stroke and accident policies protect people against major
unplanned expenses; annuities and life insurance products help
people plan for their financial futures. DATASOURCE: 40 CONTACT:
Jeffrey M. Stautz of 40|86 Advisors, Inc., +1-317-817-6422
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