PenderFund to manage Pender Corporate Bond Fund in house, hires Castle

By Tali Rackner

Norfolk, Va., Sept. 2 – PenderFund Capital Management Ltd., the manager of the Pender Mutual Funds, announced that, effective Thursday, it will manage the Pender Corporate Bond Fund in house.

The fund will no longer be sub-advised by Fulcra Asset Management Inc., according to a press release.

The company also announced the addition of Geoff Castle to the Pender investment team as portfolio manager of the fund.

Castle is a credit analyst with 13 years of fund management experience in both public mutual fund and proprietary investment fund management, the release said.

Effective immediately, the management expense ratio of the Pender Corporate Bond Fund will be reduced to 1.95% from 2.25% for class A shares and to 1.15% from 1.5% for class F shares. There will be similar reductions to the management expense ratios of the remaining classes.

Pender is an investment firm in Vancouver, B.C.

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