Natixis Global Asset Management, S.A. and NexGen Financial
Corporation (NexGen) (NFX:TSX.V) announced today that NexGen and a
wholly-owned subsidiary of Natixis Global Asset Management, L.P.
(Natixis) 2438801 Ontario Inc., have completed a previously
announced statutory plan of arrangement pursuant to which Natixis
has indirectly acquired all of the outstanding common shares of
NexGen for consideration consisting of CA$7.25 cash per common
share, for an enterprise value of approximately CA$35 million (the
“Arrangement”).
“Canada is an outstanding market for asset managers,” said John
Hailer, chief executive officer of Natixis in the Americas and
Asia. “NexGen does business with more than 1,600 financial advisors
and more than 100 dealers throughout Canada, and we look forward to
building on this strong foundation – bringing sophisticated,
customized solutions to investors seeking to achieve their goals
through durable portfolio construction.”
The Arrangement was approved by shareholders of NexGen at a
special meeting held on December 17, 2014. The Ontario Superior
Court issued a final order approving the Arrangement on December
18, 2014. NexGen’s shares which are subject to a trading halt, are
expected to cease trading and be de-listed from the TSX Venture
Exchange on December 22, 2014. Applications will be made for NexGen
to cease to be a reporting issuer in the applicable
jurisdictions.
NexGen is recognized for offering tax-efficient wealth
management strategies. Their patent pending proprietary mutual fund
structure is designed to achieve a number of tax-planning
objectives that are not publicly offered by any other Canadian
mutual fund company. The acquisition will expand NexGen’s existing
mutual fund platform and bring an even greater selection of
products for a well-diversified portfolio to Canadian
investors.
"We are pleased that the transaction is complete, and we are
eager to begin working as a part of the Natixis team," said Abe
Goenka, NexGen co-CEO. "This is a great opportunity to work with
some of the most respected asset managers in the world to provide
even better results for our current clients and increase our
capabilities in an extremely competitive marketplace."
The Arrangement constitutes a change of control of NexGen
Financial Limited Partnership, the manager of the NexGen mutual
funds, effective today. A notice to investors was sent to each
securityholder of the NexGen mutual funds on November 19, 2014 and
securities regulatory approval was obtained on December 12,
2014.
In keeping with the Natixis multi-affiliate business model,
NexGen will operate autonomously with the existing senior
management team. There are no immediate plans to make staffing
changes or changes to the NexGen business model.
About Natixis Global Asset Management
Natixis Global Asset Management is a multi-affiliate
organization that offers a single point of access to more than 20
specialized investment firms in the U.S., Europe and Asia. The firm
ranks among the world’s largest asset managers.1 Through its
Durable Portfolio Construction® philosophy, the company is
dedicated to providing innovative ideas on asset allocation and
risk management that can help institutions, advisors and
individuals address a range of modern market challenges. Recognized
as the #1 U.S. mutual fund family for 2013 performance in the
annual Barron’s/Lipper Fund Family Ranking,2 Natixis Global Asset
Management brings together the expertise of multiple specialized
investment managers based in Europe, the United States and Asia to
offer a wide spectrum of equity, fixed-income and alternative
investment strategies.
Headquartered in Paris and Boston, Natixis Global Asset
Management, S.A.’s assets under management totaled $894.3 billion
(€708.0 billion) as of September 30, 2014.3 Natixis Global Asset
Management, S.A. is part of Natixis. Listed on the Paris Stock
Exchange, Natixis is a subsidiary of BPCE, the second-largest
banking group in France. Natixis Global Asset Management, S.A.’s
affiliated investment management firms and distribution and service
groups include Absolute Asia Asset Management; Active Investment
Advisors;4 AEW Capital Management; AEW Europe; AlphaSimplex Group;
Aurora Investment Management; Axeltis; Capital Growth Management;
Darius Capital Partners; Dorval Finance;5 Gateway Investment
Advisers; H2O Asset Management;5 Harris Associates; IDFC Asset
Management Company; Loomis, Sayles & Company; Managed Portfolio
Advisors;4 McDonnell Investment Management; Mirova;6 Natixis Asset
Management; Natixis Environment & Infrastructure Luxembourg;
Ossiam; Reich & Tang Asset Management; Seeyond;7 Snyder Capital
Management; Vaughan Nelson Investment Management; Vega Investment
Managers; and Natixis Global Asset Management Private Equity, which
includes Seventure Partners, Naxicap Partners, Alliance
Entreprendre, Euro Private Equity, Caspian Private Equity and Eagle
Asia Partners. Visit ngam.natixis.com for more information.
The registered address of 2438801 Ontario Inc. is 40 King Street
West, Toronto, Ontario, M5H 3Y4.1 Cerulli Quantitative Update:
Global Markets 2014 ranked Natixis Global Asset Management, S.A. as
the 16th largest asset manager in the world based on assets under
management as of December 31, 2013.2 Barron's/Lipper 2013 one-year
fund family ranking based on 64 qualifying U.S. fund companies.
Each fund family must have at least three funds in Lipper's general
U.S.-stock category, one world (global and international), one
mixed-asset/balanced (stocks and bonds), two taxable bond and one
tax-exempt bond fund. Natixis was not ranked for the 5- and 10-year
periods. Past performance is no guarantee of future results.3
Assets under management (AUM) may include assets for which
non-regulatory AUM services are provided. Non-regulatory AUM
includes assets which do not fall within the SEC’s definition of
‘regulatory AUM’ in Form ADV, Part 1.4 Division of NGAM Advisors,
L.P.5 An affiliate of Natixis Asset Management.6 A subsidiary of
Natixis Asset Management.7 A global investment unit of the Natixis
Asset Management organization, operated in the U.S. through Natixis
Asset Management U.S., LLC.
About NexGen Financial
NexGen Financial Corporation was founded to develop value-added
investment solutions for financial advisors and their clients. The
firm is focused on the creation of innovative investment products
and services that meet the needs of Canadians seeking more
tax-efficient investment opportunities and greater control over the
tax treatment of their investments. Managed by strong investment
professionals, NexGen’s unique Registered and Tax-Managed Fund
offerings are well positioned as attractive investment
opportunities for Canadians looking to manage the tax costs
associated with traditional investment solutions.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of securities legislation and that are based on the
expectations, estimates and projections of management of the
parties as of the date of this news release unless otherwise
stated. Forward-looking statements are generally identifiable by
use of the words "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "may", "will", "project", "should",
"believe", "plans", "intends" or the negative of these words or
other variations on these words or comparable terminology. More
particularly, and without limitation, this news release contains
forward-looking statements and information concerning expectations
regarding the consideration to be issued pursuant to the
transaction, the ability of NexGen and Natixis to consummate the
transaction on the terms and in the manner contemplated thereby,
the anticipated benefits of the transaction, and the anticipated
timing of the transaction. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, the time required to prepare and
mail meeting materials to NexGen shareholders, the ability of the
parties to receive, in a timely manner and on satisfactory terms,
the necessary court, shareholder, stock exchange and regulatory
approvals and the ability of the parties to satisfy, in a timely
manner, the conditions to the closing of the transaction, as well
as other uncertainties and risk factors set out in filings made
from time to time by NexGen with the Canadian securities
regulators, which are available on SEDAR at www.sedar.com. Actual
results, developments and timetables could vary significantly from
the estimates presented. Readers are cautioned not to put undue
reliance on forward-looking statements.
Regulatory Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
1083056.2.1
Natixis Global Asset ManagementDavid Snowden,
617-866-0950david.snowden@ngam.natixis.comorNexGen Financial
CorporationAbe Goenka, CPA, CA, CFA, 416-775-3723Co-Chief
Executive Officeragoenka@NexGenfinancial.caorJeff Young, CFA, MBA,
416-775-3707Co-Chief Executive Officerjyoung@NexGenfinancial.ca
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