Canadian mutual fund company Canoe Financial has closed its takeover of the retail mutual funds of Fiera Investments for an undisclosed sum.

The acquired funds manage around $1.12bn in assets.

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Canoe’s assets under management increase to nearly $7.4bn with the purchase.

The transaction, announced in April this year, makes Canoe the trustee, manager and portfolio manager of the Fiera Investments Mutual Funds.

Canoe plans to merge each of the Fiera Investments Mutual Funds into its own mutual funds on or about 3 July 2020.

Under the agreement, Fiera will also continue to serve as the sub-adviser for certain of these merged funds.

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Canoe Financial president and CEO Darcy Hulston said: “We are very pleased to have completed yet another transaction with our partners at Fiera Capital and our goal is to continue building upon the established advisor relationships that come with it.

“We are proud to offer investors a broad suite of actively managed investment solutions through our award-winning product line up. Investors can also benefit from Canoe’s unrivaled Portfolio Class structure designed to provide tax-efficient income and tax-efficient growth.”

Fiera Investments is a unit of Canadian asset manager Fiera Capital, which offers integrated money management solutions across traditional and alternative asset classes to institutional, retail and private wealth clients.

Fiera Capital managed C$158.1bn ($115.6bn) in assets at the end of March 2020.

The Montreal-based firm has regional hubs in New York, London as well as Hong Kong.

Last year, the firm snapped up Integrated Asset Management and Foresters Asset Management as well as picked an 80% stake in real estate investment manager Palmer Capital Partners.