EnerVest Management Ltd. Announces Portfolio Manager Change for Energy Related Funds
CALGARY, ALBERTA--(Marketwire - Jan. 28, 2010) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
EnerVest Management Ltd. is pleased to announce the assignment of Investment Management agreements for the EnerVest Natural Resource Fund, EnerVest Energy and Oil Sands Total Return Trust (TSX:EOS.UN) and the EnerVest FTS Limited Partnerships 2008 and 2009 (collectively the "Funds") to RiverStream Asset Management Ltd. ("RiverStream"). RiverStream will assume the agreements from Cypress Capital Management Ltd. ("Cypress"), effective February 1, 2010. The fees and other investment management obligations of the Funds will not be changed as a result of this assignment.
RiverStream is a Calgary-based Investment Counsel that brings extensive energy experience with local area and industry specific knowledge. The team at RiverStream, led by Mr. Rafi G. Tahmazian, have been members of the Energy Sector Advisory Group and have acted as an advisor to Cypress since January 2009 for the EnerVest Natural Resource Fund and the EnerVest Energy and Oil Sands Total Return Trust. In that period of time, the Funds' net asset values have significantly outperformed the TSX Total Return Capped Energy Index (see chart below).
Example Historical Returns
Greg Bay, Principal at Cypress stated, "Over the last year, Rafi and his team have played an integral role in advising and assisting Cypress in seeking out undervalued energy investments and positioning the portfolios to take advantage of emerging industry trends, all of which have contributed to the Funds' strong performances."
Rafi Tahmazian, Portfolio Manager of RiverStream said, "By having the team based in Calgary we can gather information in a more direct and timely manner. We possess both technical and financial energy expertise that will allow us to invest at the front end of new resource plays and exploration and service sector technologies."
PLEASE NOTE: The EnerVest Diversified Income Trust (TSX:EIT.UN) is not affected by these changes and will continue to be managed by Cypress Capital Management Ltd.
About RiverStream Asset Management Ltd.
RiverStream is an affiliate of EnerVest Management Ltd., and is a registered Investment Counsel / Portfolio Manager in all provinces and territories of Canada. The RiverStream portfolio management team, led by Mr. Rafi G. Tahmazian, has a wide range of expertise from finance to engineering. Mr. Tahmazian, Portfolio Manager, has over twenty years of investment management experience. Since January 2009, Mr. Tahmazian has been a member of the Energy Sector Advisory Group for the EnerVest Natural Resource Fund and the EnerVest Energy and Oil Sands Total Return Trust, providing background industry knowledge and expertise on the Canadian energy sector. He holds positions as Chairman and Director of Skana Exploration Ltd. and Artek Exploration Ltd. respectively. In addition, Mr. Tahmazian was recently appointed to the Board of the Alberta Balancing Pool. From 1996 to 2008, Mr. Tahmazian was a partner and later became Vice Chairman and Managing Director at FirstEnergy Capital Corp., a leading investment dealer that focuses on the energy industry.
Also on the RiverStream team are Ms. Geri Greenall and Mr. Aaron Bunting. Ms. Geri Greenall, CFA, has over thirteen years of experience in the energy sector and financial services industry. Before joining the team at RiverStream Asset Management, she was a Portfolio Manager at EnergyX Equity Inc., an Energy Equity Fund Manager focused on early-stage energy investments. Geri has previous experience in research covering the energy sector including junior energy companies and energy trusts. Mr. Aaron Bunting, CA, CFA, has seven years of experience in the energy and financial services sector.nbsp;Prior to joining RiverStream, Aaron worked in investment banking at a merger and acquisition advisory boutique whose specialty was upstream oil and gas and energy service businesses. Aaron began his career at an International accounting firm where he worked as an auditor and later in the corporate finance department.
(1) The indicated rates of return are the historical and annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemptions, distributions, or optional charges or income taxes payable by any security holder that would have reduced returns. Investment funds are not covered by the Canada Deposit Insurance Company or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated.
(2) The indicated rates of return are the historical and annual compounded total returns including changes in unit value and reinvestment of all dividends and do not take into account sales, redemptions, distributions or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect EnerVest Management Ltd.'s and its affiliates (the "Administrator") current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Administrator believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Administrator undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.