Canada’s Canoe Financial has agreed to acquire the retail mutual funds managing around $1.14bn in assets of Fiera Investments, part of Canadian asset manager Fiera Capital.

The deal, whose financial terms were not revealed, awaits regulatory nod.

The deal closure is anticipated in the second quarter of this year.

Canoe will now serve as the trustee, manager and portfolio manager of the mutual funds.

The funds will now adopt the Canoe brand and will be merged into mutual funds managed by Canoe.

Fiera Capital will continue to serve as sub-adviser for some of the Canoe funds into which the mutual funds will be integrated.

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Fiera Capital global president and COO Jean‑Phillippe Lemay said: “This transaction will allow Fiera Capital to broaden its existing partnership with Canoe Financial by leveraging the combination of Canoe Financial’s strong distribution network in the Canadian retail market with Fiera Capital’s excellence in investment management.”

Canoe, set up in 2008, oversees more than $5.4bn in assets.

The firm has operations in Calgary, Toronto and Montreal.

Meanwhile, Fiera Capital managed around C$169.7bn ($121.5bn) in assets at the end of December 2019.

Last month, the firm established a new headquarters for its European business in London.

The year 2019 was a busy year for the firm as a result of several consolidation activities.

The firm acquired Integrated Asset Management and Foresters Asset Management in 2019.

Last year, Fiera Capital also purchased an 80% stake in real estate investment manager Palmer Capital Partners.