Integrated Asset Management (IAM) has signed a mutual agreement to sell its wholly-owned subsidiary, BluMont Capital to Arrow Capital Management.
BluMont Capital, a retail alternative asset management subsidiary of IAM, provides mutual funds and other product solutions to retail investors primarily through the Exemplar Portfolio of funds.
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All of the portfolio managers and advisors, including Veronika Hirsch, Alex Ruus, Capital Innovations, and Integrated Managed Futures, will continue to provide services to their respective funds.
IAM said that the proposed sale of BluMont Capital to Arrow Capital will allow them to focus exclusively on its growing institutional business, which comprises approximately 85% of its current assets under management (AUM), while complementing Arrow Capital’s existing lineup of investment solutions to both Canadian and international clients.
IAM is also intending to build on its core asset classes of real estate and private corporate debt with new products and new asset classes.
Victor Koloshuk, chairman and CEO of IAM, said: "Despite the exceptional investment track record of all BluMont funds, and in particular those funds managed by Veronika Hirsch and Alex Ruus, the challenging retail environment led us to the decision to combine BluMont Capital with a larger high quality alternative asset company; particularly one with whom we can have a relationship going forward with other products."
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By GlobalDataJames McGovern, CEO of Arrow Capital, said: "Bringing BluMont Capital’s stable of funds and pedigree of portfolio managers into the Arrow Capital family greatly enhances Arrow Capital’s mandate of providing unique, actively managed investment solutions to a wide array of investors. BluMont Capital’s roster of investment funds is a natural extension of Arrow Capital’s current product lineup."
Closing of the transaction is subject to, among other things, receipt of all necessary approvals of applicable securities regulatory authorities. Pending approvals, the parties expect the transaction to close in the last calendar quarter of 2013.
Upon closing, Arrow Capital will have approximately $1.3 billion in assets under management, including its joint venture with Generation Asset Management based in London, England.
