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Status Update

July 13, 2018

Wells Asset Management’s (WAMS) registration is subject to terms and conditions which provide for, among other things, the wind-down of its investment funds, the transition to a replacement firm and the future suspension of WAMS’ registration.  WAMS has agreed with its regulator in order to assist in an orderly wind-down of its investment funds.

Investor Notice

Dear Client,
June 12, 2018

Effective today, I have made the decision to wind down the Funds managed by Wells Asset Management.

IT IS IMPORTANT TO UNDERSTAND THAT YOUR INVESTMENTS ARE CURRENTLY IN GOOD STANDING. THERE ARE NO INVESTMENTS WITHIN THE FUNDS THAT WE HAVE ANY CONCERNS WITH.

With National Bank Independent Network (NBIN) terminating their custodial services, effective July 13, and with a recent overture by the Alberta Securities Commission that would effectively force us to close, we have no alternative but to recommend you transfer your account to another firm. In order to insure an orderly transfer, we will be suspending redemption’s and freezing our fund assets. This will insure that all redemption’s are made fairly. I will manage this process to insure its integrity and will remain completely available at our offices until the process is complete. We have informed the Alberta Securities Commission of our intention and will keep you apprised of the next steps on your part to begin this process.

It is my disappointed opinion that there is currently a purging within the industry to eliminate firms that primarily trade in private debt; something I personally feel we have done successfully for many years. My historic commitment to the Wells’ investment strategy has been, in my opinion, reasoned and thoughtful and has been proven over time. So much so, that I not only managed your investments in this manner, but those of my wife, children, mother and brothers, of which said family assets represented a significant portion of our firm’s assets under management.

It has recently been brought to my attention that the regulators feel our compliance practices, investment valuation processes and numerous other procedures are simply too risk laden for our continued operation. Make no mistake, I have always tried to comply with our industries onerous compliance requirements, while at the same time trying to offer a unique and compelling investment platform for our clients. I have hired third party professionals in the area’s of compliance and accounting to insure compliance with all industry requirements, and have always, even if begrudgingly, done our best to satisfy the regulators.

We have tried to fight the good fight, and, as you know I am a fighter. But there comes a time when the power and resources of the establishment are just too much for a small independent company to bear. Slowly but surely, as I see the future, you will no longer see the likes of a Wells Asset Management working in the market place, and your ability to choose alternative investment strategies will effectively be removed.

While I am dismayed by this continued assault on our freedom to make independent investment choices, all under the guise of investor safety, I will remain firmly in place to help you make this transition. As you know, I will continue to make my voice heard and I encourage you to do the same.

Please contact the office for further information and we will work through this together.

Yours very truly,

Dale Wells
Wells Asset Management

 

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