Purpose Investments Inc. Announces Fund Name Changes and Confirms ETF Conversions

TORONTO, June 15, 2018 (GLOBE NEWSWIRE) -- Purpose Investments Inc. ("Purpose") is pleased to announce that Australian Banc Income Fund (TSX:AUI.UN) and Redwood Floating Rate Income Fund (TSX:ISL.UN) (formerly Voya Floating Rate Senior Loan Fund) (each a "Fund" and together, the "Funds") have changed their names and lowered their management fees, effective June 14, 2018, and will change their trading symbols, effective June 18, 2018. Units of each Fund are currently listed and trade on the Toronto Stock Exchange (the "TSX"), as indicated in the table below.

The new management fee rates are set out in the table below:

In the case of Purpose Global Financials Income Fund, the name change coincides with broadening the Fund's investment objective to expand the focus of the Fund's investments from common shares of Australian banks to investments in global financial services companies.  Purpose also confirms that the previously announced conversions of the Funds from closed-end funds into open-end mutual funds (the "Conversions") are scheduled to be completed on or about July 4, 2018 for Purpose Global Financials Income Fund and on or about August 7, 2018 for Purpose Floating Rate Income Fund (each, an "Effective Date"). On the Effective Date of a Fund's Conversion, its units will be renamed and trading symbols will change as described below:

At special meetings held on November 3, 2017, unitholders of the Funds approved the Conversions and, in the case of Purpose Global Financials Income Fund, the change to its investment objectives described above. Existing unitholders of the Funds will not be required to take any action in respect of the changes described above. On the Effective Date of the Conversion of their Fund, unitholders will automatically become holders of ETF units or ETF non-currency hedged USD units, as applicable.

In addition to the classes of units noted above, in connection with the Conversions and subject to regulatory approval, each Fund will qualify for distribution additional classes of unlisted mutual fund units and other listed ETF securities.  A preliminary simplified prospectus, annual information form and related fund facts and ETF facts (collectively, the "Disclosure Documents") related to the Funds has been filed with the Canadian securities regulatory authorities (the "CSA") in order to qualify for distribution the mutual fund units and ETF securities to be offered by each Fund upon its Conversion.

The Conversions remain subject to the final approval of the CSA and the TSX.

About Purpose Investments

Purpose Investments is an asset management company with approximately $5.5 billion under management. Purpose Investments has an unrelenting focus on customer-centric innovation, and offers a range of managed and quantitative investment products. Purpose 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:

Nancy Turner
Purpose Investments Inc.
Tel: (877) 789-1517
Email: [email protected]

This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to U.S. news wire services.