OTTAWA, Ontario, Jan. 17, 2025 (GLOBE NEWSWIRE) -- Westboro MIC today announced that Nick Christopoulos has resigned from his position as Chief Executive Officer, effective December 31, 2024. Nick has been with the company for the past four years and played a significant role in developing and leading the organic growth strategy of the Fund. During Nick's tenure as CEO, the Fund steadily increased its annual compounded ROI to F-Class investors from 6.4% four years ago to 10.69% last month. Additionally, Nick led the Fund's AUM growth from $230M to $496M, Investor Equity growth from $177M to $361M, and the TD Bank led syndicated line of credit limit increase from $90M to $260M.
Mr. Christopoulos commented: "I am grateful for the opportunity to have led Westboro MIC during a period of great uncertainty with the pandemic, followed by rapid increases in interest rates which caused economic pain to borrowers. I am proud of what we have accomplished together as a cohesive team during these challenging times. I look forward to guiding and supporting the future success of the Fund from my continued Board Director role.” The company appreciates Nick's strong leadership contribution and wishes him success in his future endeavours.
The Board of Directors has no plans to fill this role. The company remains committed to its objective of providing a consistent fixed income solution that produces above average risk-adjusted returns for investors.
For further information, please contact:
Scott Roberts
Vice-President of Fund Sales
Westboro Mortgage Investment Fund
About Westboro Mortgage Investment Corporation (WMIC)
Westboro Mortgage Investment Corp. is a private lender dedicated to providing residential mortgages in Ontario. WMIC focuses on personalized service to help customers achieve their homeownership goals through tailored financing solutions. https://www.westboromic.com/
About Westboro Mortgage Investment Fund
The Fund manages a diversified portfolio of short-term residential mortgages in Ontario. Over 90% of the mortgages are in 1st position. The primary objective of the fund is to provide investors with a consistent and stable risk adjusted return for their investment portfolio. https://westboromic.com/fund-performance/
