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First Asset Announces Changes to Its Portfolio Management Line-Up

TORONTO, ONTARIO -- (Marketwired) -- 04/30/14 -- First Asset Investment Management Inc. ("First Asset") announced today that it is making portfolio manager changes to certain of its closed-end funds. Manash Goswami is being promoted from his current position of co-manager to lead portfolio manager of First Asset Pipes & Power Income Fund (TSX: EWP.UN), Utility Split Trust (TSX: UST)(TSX: UST.PR.B) and First Asset Energy & Resource Fund (TSX: TRF.UN). Mr. Goswami has been a portfolio manager at First Asset since 2007, holds an MBA and CFA designation, and was recently recognized by Brendan Woods International as one of Canada's top portfolio managers for 2013. Mr. Goswami's expertise is in managing equity mandates with a focus on investing in companies with the ability to sustain and grow dividends. In particular, he is most recognized for investing in utilities, energy and energy infrastructure. Mr. Goswami will be primarily supported by Kate MacDonald, Portfolio Manager and Winnie Jiang, Associate Portfolio Manager, as well as the broader First Asset portfolio management team. The investment objectives and strategies for the funds, which have approximately $68 million in assets on a combined basis, remain unchanged.

The funds' previous lead manager, Mr. John Stephenson, is departing to pursue other opportunities, including an anticipated launch of a hedge fund. Mr. Stephenson will provide support as necessary through the transition until the end of May, 2014.

First Asset is focused on increasing its portfolio management bench strength across its core investment mandates both through internal development and external recruitment, and believes these changes will facilitate the continued growth of the firm, as well as continuation of delivery of better risk adjusted returns for its clients.

About First Asset

First Asset is an independent Canadian investment management company focused on delivering superior risk-adjusted investment returns to Canadian investors. Founded in 1996, First Asset is a leading manager of ETFs, mutual funds, and closed end funds in Canada, with approximately $3.1 billion in assets under management.

Contacts:
First Asset
416-640-5560
www.firstasset.com

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