Friday, November 6th, 2009
T. Boone Pickens to launch Canadian investment fund focused on energy
TORONTO - Legendary U.S. oil investor T. Boone Pickens is launching an investment fund in Canada that will focus on traditional and alternative energy properties in conjuction with BMO Nesbitt Burns Inc.
The T. Boone Pickens Energy Fund will hold an actively managed portfolio primarily of equities and commodity-related investments within the energy and energy-related sectors.
Pickens, who will manage the fund for BMO's Harris Investment Management, intends to acquire 10 per cent stake in the fund, to a maximum of US$10 million.
BMO Nesbitt Burns Inc. will act as the administrator of the fund and will be responsible for its management and administration.
Pickens has been waging a campaign to wean the United States off of foreign oil.
The so-called Pickens Plan calls for a number of changes such as investing in wind and solar energy, rebuilding the country's electrical grid and replacing gasoline with natural gas in cars and trucks.
