CI Global Asset Management (CI GAM) has reached an agreement to take over Forge First Asset Management, an alternative asset manager based in Toronto. 

Financial details of the acquisition were not disclosed. 

Forge First managed assets worth around $1bn.  

It oversees four investment funds, comprising two liquid alternatives mutual funds and two limited partnerships, which are offered through investment dealers, encompassing all major Canadian bank-owned dealers.  

The firm employs a “long-short” strategy for its investments in North American securities, aiming to strike a “balance” between protecting assets and enhancing capital.  

The leadership team includes co-founders Andrew McCreath, serving as CEO, and Fatima Hirani, who holds the positions of COO and CFO.  

Keenan Murray, the firm’s CIO, is responsible for the portfolio construction, security selection, and defining the overall investment strategies and restrictions. 

McCreath stated: “CI GAM is the ideal partner to drive the next stage of growth at Forge First. CI GAM’s scale and extensive capabilities in distribution and marketing can boost our exposure to advisors across Canada, as well as to family offices and institutional investors. 

“We also look forward to working with the CI GAM investment team, whose deep expertise and research resources can benefit and enhance our strategies. Together, we are extremely well positioned to gain increasing share in a growing asset class.” 

The acquisition is slated for completion in the last quarter of 2025, pending regulatory approvals and other standard closing conditions. 

Upon deal completion, Forge First will maintain its operations as an independent entity, retaining its brand name. 

CI GAM president and chief investment officer Marc-André Lewis said: “The Forge First team has proven itself in the alternatives space with an impressive track record of results and a strong focus on risk management as shown by the resiliency of their strategy in market downturns.”  

“Investor interest in alternatives is growing rapidly and CI GAM is committed to providing investors with a diverse selection of strategies. The addition of Forge First will expand our capabilities in this important segment and serve as an excellent complement to our existing lineup of liquid alternatives and private markets funds.” 

Last month,  Mubadala Capital, a firm based in the UAE, concluded the acquisition of CI GAM’s parent company CI Financial.  

The deal took CI Financial private, valuing the firm’s equity at around C$4.7bn ($3.41bn) and implying an enterprise value of around C$12.1bn.