Purpose Investments Announces Special Meeting of Purpose Select Equity Fund to Transition to New Manager and Trustee and Certain Other Proposals

TORONTO, July 18, 2025 (GLOBE NEWSWIRE) -- Purpose Investments Inc. (“Purpose Investments” or “Purpose”) today announced that it has entered into a binding agreement with PenderFund Capital Management Ltd. (“Pender”) pursuant to which Purpose has agreed to assign to Pender its rights to act as trustee and manager of Purpose Select Equity Fund (the “Fund”), subject to unitholder approval.

In addition to customary closing conditions, unitholders of the Fund will be asked to approve the change of manager and trustee to Pender (the “Change of Manager”), as well as (i) the change to the investment objectives of the Fund, (ii) a change to the calculation of the Fund’s incentive fee, (iii) the change to the method in which operating expenses are charged to the Fund, and (iv) the change of the Fund’s auditor from Ernst & Young LLP to KPMG LLP (collectively, the “Proposal”), all as more particularly described in the management information circular (the “Circular”), at a special meeting of the Fund’s unitholders (the “Unitholders”) to be held on or about August 13, 2025 (the “Meeting”).

If approved, the Proposals will become effective, and Pender will become the manager and trustee of the Fund effective on August 28, 2025. The record date for the special meeting is July 11, 2025 (the “Record Date”). Unitholders of record as of the close of business on the Record Date are entitled to receive notice of and vote at the Meeting.

Pender is an independent, employee-owned investment firm with approximately $4.4 billion in assets under management as of June 30, 2025. The transition will ensure consistency in the management and administration of the Fund, as Pender has been serving as sub-adviser to the Fund and the Fund’s existing portfolio manager will continue in this role following the transition.

In connection with this proposed transaction, Purpose referred the matter to the Independent Review Committee (the “IRC”) of the Fund, which acts in an advisory capacity representing the interest of the Fund and its unitholders with respect to conflict of interest matters. The IRC has reviewed the Change of Manager and determined that, if implemented, the Change of Manager would achieve a fair and reasonable result for the Fund.

The Circular is being mailed to Unitholders in compliance with applicable laws, and will be available under the Fund’s profile on SEDAR+ at www.sedarplus.ca. The Circular provides important information on the Proposals and related matters, including the voting procedures and how to attend the Meeting. Unitholders are urged to read the Circular and its schedules carefully and in their entirety.

About Purpose Investments Inc.
Purpose Investments is an asset management company with approximately $25 billion in assets under management. Purpose is committed to client-centric innovation and offers a range of managed and quantitative investment solutions. Led by entrepreneur Som Seif, Purpose is part of Purpose Unlimited, a technology-driven financial services platform.

About PenderFund Capital Management Ltd.
Pender was founded in 2003 and is an independent, employee-owned investment firm located in Vancouver, British Columbia. Our goal is to protect and grow wealth for our investors over time. We have a talented investment team of expert analysts, security selectors and independent thinkers who actively manage a suite of differentiated investment funds, exploiting inefficient parts of the investing universe to achieve our goal.

For more information, please email us at info@purposeinvest.com

Media Inquiries:
Keera Hart
Keera.Hart@kaiserpartners.com
905-580-1257

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