Aston Hill Financial has combined with Front Street Capital 2004 (FSC) and Tuscarora Capital to create a new independent asset management company, called LOGiQ Asset Management.
Founded in 2001, Toronto-based Aston Hill has $2.1bn in total assets under management. The company manages portfolios for institutional investors, provides portfolio advisory services and offers mutual funds.
Front Street, which was also incorporated in 2001, offers a range of investments, including growth, income and tax-minded portfolios offered as mutual funds and hedge funds.
The newly formed LOGiQ Asset Management has appointed Joe Canavan as its CEO. Its board of directors will include Eldon Smith, Nevin Markwart, Catherine Best and Donna Toth along with Canavan.
The common shares of the company are expected to start trading from 14 December 2016 under the new name and ticker symbol ‘LGQ’.
Under the term of deal, Front Street and Tuscarora vendors will receive nearly 134.5 million common shares.
Canavan said: "We see tremendous opportunity for a strategic, technology-driven, active management firm in the current environment. LOGiQ is committed to ensuring that all investors have access to the insight and execution required to produce consistently superior returns employing sophisticated investment strategies."
In September this year, Aston Hill Financial and Front Street Capital signed an agreement to combine their respective firms to create a new independent asset manager.