Canoe Financial, an investment management firm in Canada, has signed an agreement to purchase O’Leary Funds management contracts which represent over $800m in investment assets.
Under the deal, Canoe will retain Stanton Asset Management as sub-advisor in respect of certain O’Leary Funds and O’Leary Funds chairman Kevin O’Leary will become vice-chairman of Canoe Financial.
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The acquisition will boost the portfolio of funds managed by Canoe to almost $4bn.
The deal is scheduled to close in January 2016, subject to regulatory approvals and other conditions of closing.
Following the acquisition, Canoe will become the trustee, manager and portfolio manager of the O’Leary Funds and all funds will be renamed under the Canoe banner.
Additionally, certain of the O’Leary Funds will be merged into mutual funds managed by Canoe, while the remaining O’Leary Funds will change their investment objectives and strategies and adopt the form of master declaration of trust governing the Canoe mutual funds.
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By GlobalDataCanoe Financial president & CEO Darcy Hulston said: "We believe that this deal enhances the range of investment solutions that Canadian investors are looking for – whether it is growth/capital appreciation or income/capital preservation – Canoe offers a complete line up of investment solutions."
