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Thursday, January 10, 2013

Claymore founder launches Canada asset manager, (NYSE: BLK)

Som Seif, founder and former president of Claymore Investments Inc, has launched a Canadian asset management firm aimed at low-fee investments for institutional and retail investors, unveiling its first fund on Thursday.The new firm, Toronto-based Purpose Investments, promises to use rules-based investment management to keep fees low and risk in check, a semi-passive management structure that hopes to appeal to investors who like the low fees of the exchange traded funds (ETFs) that made Claymore such a success.Claymore, founded by Seif in 2005, was one of the fastest-growing investment firms in Canadian history and Canada's No. 2 ETF provider with assets of $8 billion before it was bought by BlackRock Inc last year.Now Seif is back on the scene with Purpose Investments. Its first vehicle, NexC Partners Corp, is a closed-end fund focused on dividend-paying North American equities. NexC aims to provide long-term capital appreciation and quarterly cash distributions at a projected rate of 5 percent a year.

BlackRock, Inc. (BlackRock) is an independent investment management firm. Shares of BLK traded higher by 1.83% or $3.93/share to $218.75. In the past year, the shares have traded as low as $160.25 and as high as $218.86. On average, 735225 shares of BLK exchange hands on a given day and today's volume is recorded at 827261.