Purpose Investments, Inc. (“Purpose”) is pleased to announce that it will place a cap on new purchases for Purpose Premium Money Market Fund (“the Fund”). The Fund has attracted a significant amount of assets and reached our internal asset goals much more quickly than expected. This cap will go into effect upon the Fund reaching $350-million in assets under management. The Fund currently has approximately $320-million in assets under management.
As an innovative money market product that provides an exceptional yield, the Fund has seen significant inflows in recent months. To preserve the effectiveness for existing shareholders, Purpose will close the Fund to new purchases once it reaches $350-million in assets under management. Existing client accounts will not be impacted by the cap, up to a hard cap of $400-million.
Purpose offers an industry-leading suite of innovative cash solutions to help investors build resilient portfolios, manage their short-term liquidity needs and reach their long-term financial goals.
For Canadian cash needs, Purpose High Interest Savings ETF (ETF ticker PSA) currently has a net yield of 2.15%. It provides daily liquidity and a monthly interest distribution. It recently surpassed $1-billion in assets under management and continues to draw attention as the rate rises alongside benchmark interest rates.
For US cash needs, Purpose US Cash Fund (ETF ticker PSU.U) currently has a net yield of 2.08%. It provides daily liquidity and a monthly interest distribution.
The innovative features of Purpose’s best-in-class cash solutions are also available within our active fixed-income lineup to help investors overcome the challenges of the market in a rising-interest-rate environment.
Purpose Managed Duration Investment Grade Bond Fund (“IGB”) is available as an exchange-traded fund (ETF ticker IGB) and as a mutual fund. IGB currently pays a monthly distribution of 3.00% per annum in form of return on capital and/or capital gains. It is actively managed by Sandy Liang, the award-winning head of credit strategies and fixed income at Purpose Investments. IGB has a unique and alternative approach focusing on managing duration and credit risks, which are major obstacles for investors in today’s fixed-income environment.
About Purpose Investments
Purpose Investments is an asset management company with approximately $6.3 billion under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.
For further information please contact:
Purpose Investments Inc.
Tel: (877) 789-1517