Mon, 28/01/2013 - 10:08
Sterling Financial Group’s New Providence Income Fund has returned 1.01 per cent net to its investors for the month ended 31 December 2012, representing a 19.27 per cent return for the year.
Fund investors are being paid out an interim dividend of approximately 12.27 per cent p.a. compounded return which is supplemental to the seven per cent p.a. preferred return paid out as quarterly dividend.
David Kosoy (pictured), chairman and chief executive of Sterling Financial Group, says: "In December, we had another strong month closing out the year well above the target rate of return for the fund. In 2013, we expect to continue to grow the Fund as we see an excellent pipeline of loan opportunities."
The fund is managed by Sterling who is also the fund promoter, loan underwriter, and loan servicer. The Sterling platform supports the fund's operational, risk management and regulatory requirements.
Mike Harris has recently been appointed to the board of directors of the New Providence Income Fund.
Harris was appointed to the Ontario Legislature in 1981 and in 1985 became the 22nd Premier of Ontario. After two consecutive terms, Harris formed his consulting firm, Steane Consulting, serving as adviser to numerous Canadian companies. Harris is a director on several public and private boards and served as chairman of Magna International until May 2012. His current public board directorships include Chartwell Seniors Housing REIT; Canaccord Financial; Element Financial; FirstService Corporation; and Route1 (chairman of the board). He also serves on the advisory boards of several private equity funds including EnerTech Capital and Beringer Capital.
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