CI Financial, a Canada-based wealth management firm, has agreed to purchase 100% ownership of First Asset Capital, an investment firm with nearly $3bn in assets under management.
First Asset Capital operates via its subsidiary First Asset Investment Management and provides actively managed and factor-based ETFs as well as a suite of mutual funds and closed-end funds to the Canadian marketplace.
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Upon completion of the acquisition, First Asset will continue to operate as a standalone entity under its current name and under the leadership of First Asset’s president and CEO Barry Gordon and the First Asset management team.
Additionally, First Asset will continue to sell and service its own products as part of the deal.
Subject to regulatory approval, the deal is scheduled to complete by 31 December 2015. Terms of the transaction were not disclosed.
CI Financial said that INFOR Financial Group served as a financial advisor to First Asset on this deal.
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By GlobalDataCI Financial president and CEO Stephen MacPhail said: "With First Asset, we broaden and diversify our lineup of operating businesses and gain a successful firm with a proven management team and high growth potential."
"We are excited about the growth potential of actively managed ETFs and we will be working with First Asset to build on its leadership in this sector. In addition, First Asset provides CI Financial with a future distribution platform for its actively managed investment products, including access to an ETF platform," he added.
Gordon said: "This transaction strengthens First Asset’s ability to grow and to expand its product lineup."
