Wellington & O'Leary Funds to merge
I didn’t think it was fair to our loyal blog followers to have to wait until the formal press release hits the wire when the market opens later this morning, so here’s a sneak peak at the big news. Hard to believe, I know. Very exciting for all of us.
Toronto, Ontario and Montreal, Quebec (April 1, 2011) — Wellington Financial LP, a privately-held specialty finance firm, today announced that it had agreed to merge with O’Leary Funds Management LP, of Montreal, Quebec. Wellington Financial LP is a privately held specialty finance firm managing a $450 million investment program via Wellington Financial Fund III which provides revolving lines of credit, term, venture and amortizing loans up to $30 million. O’Leary Funds was formed by Stanton Asset Management CEO Connor O’Brien, and top-rated television host Kevin O’Leary to provide investors with deep value, tangible yield and unique global investment opportunities. O’Leary Funds offers a global perspective and investment intelligence to deliver high-quality, actively managed global investment portfolios.
“Wellington has provided institutional investors with 10 consecutive profitable years of top quartile performance,” said Kevin O’Leary, Chairman of O’Leary Funds Management LP. “Their 2006-vintage third fund has produced IRRs of in excess of 10% over the past four years on a GAAP basis, which is extremely attractive for fixed income investors looking for stable quarterly returns with low volatility. Through this merger, we’ll be in a position to give our retail investors exclusive access to what has been historically an institution-only product.”
“We have watched Kevin turn a daily cable television spot into a billion dollar asset gathering machine over the past three years,” said Mark McQueen, President & CEO of Wellington Financial LP. “I’ve said it many times: KO is a ‘Rock Star’ in the fund management industry. Kevin has taught viewers that it’s all about the money, and our team decided it was time to get on board.”
The closing of the transaction is subject to customary regulatory conditions.
MRM
I applaud Wellington’s move to expand its asset base, and coming to realize that it is in fact operating in the “Decade of Daddy”!
Giving O’Leary investors access to Wellington’s substantial returns while allowing Wellington investors to “get paid while you wait” is a win-win situation if I’ve ever seen one.
The next step of course is to take the combined investment company public so that public stockholders can profit off of the steady stream of MER level returns.. -Profit!
It is April 1st today correct?
April Fool…?
I’m assuming it’s an April Fool…
can’t go wrong hooking up with KO the ‘Rock Star’!
haha!
April Fools!!!!!!!!!!!!!
This is awesome! Got me on this one Mark … Good thing you posted the next post about the true nature of OGE and O’leary’s experience and track record.
I was starting to have doubts I should continue reading this blog 🙂
Roman –
April Fool’s is a day for madness! Thanks for stopping by.
MRM
I have it on relatively good authority at least one senior bay street banker thought it was real and forwarded this to his clients..
By our count, we fooled 3 I-banking MDs, 1 International VC Fund boss, 1 Tech Co. board member….
MRM