Jovian Capital Acquires Balance of Charterhouse
TORONTO, May 18 /CNW/ - Charterhouse PSI Management Corporation ("Charterhouse") is pleased to announce that Jovian Capital Corporation ("Jovian") (JVN : TSX-V) has acquired control of Charterhouse by taking up the balance of the shares of Charterhouse Holding Corporation ("Holding") not already held by Jovian. Jovian acquired its original minority stake in Holding in September 2004. Charterhouse is the manager of Charterhouse Preferred Share Index Corporation ("PSI") (PFD.PR.A: TSX) and Charterhouse PSI Investment Corporation ("IndexCo").
Philip Armstrong, CEO of Jovian said "we are pleased to complete the acquisition of Charterhouse. It is consistent with our goal of expanding our presence in the exchange traded structured product market." A wholly-owned subsidiary of Jovian, Jove Investment Management Inc. ("Jove"), already acts as the index administrator for IndexCo.
Peter Rizakos, one of the founders of Charterhouse and the outgoing CEO of PSI and IndexCo, said "this transaction makes a lot of sense for PSI shareholders. Jovian has been involved with PSI since day one with its initial investment in Holding and subsequently through Jove as the index administrator for IndexCo. While the day-to-day operations of PSI and IndexCo will not change, PSI is now part of the more substantial group of Jovian companies."
Jovian is a management and holding company with interests in a variety of financial service firms specializing in wealth and asset management. The Jovian group of companies operates as a national financial services organization with approximately $11.8 billion of client assets.
On behalf of the Board of Directors of PSI and IndexCo, Charterhouse is pleased to announce the appointment of Kevin Beatson as Chief Executive Officer and Jason Mackey as Chief Financial Officer, effective immediately. Mr. Beatson is the CEO of Felcom Data Services Inc., a fund administrator and wholly-owned subsidiary of Jovian. Mr. Mackey is the CFO of Jovian.
Both PSI and IndexCo would like to welcome. Messrs. Beatson and Mackey, along with Mr. Robert Marcus, who will join existing board members Messrs. Harvey Naglie and Peter Rizakos on the Board of Directors. Mr. Marcus is the President and CIO of Majorica Asset Management Corporation and is one of Canada's leading fixed income managers.
PSI and IndexCo would like to thank Messrs. William Braithwaite, Frederick Chann and John Philp, who have served as directors since inception and have resigned from the Boards of both companies.
For further information: Kevin Beatson, Chief Executive Officer, (416) 777-5165, or Don Sangster, Investor Relations, Jovian Capital Corporation, (416) 933-5752, E-mail: email@example.com, Web site: www.charterhousefinancial.com
CO: Charterhouse PSI Management Corporation ST: Ontario NI: MNA FIN -0- May/18/2006 20:29 GMT