Fiera Capital, a Canada-based investment firm, has purchased a closed-end fund manager Propel Capital for nearly $12 million.
The business acquired by Fiera includes management agreements related to six TSX-listed closed end funds (the "Propel Funds") with an aggregate market value of over C$400 million.
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As part of the deal, Propel’s staff including Raj Lala, Krista Matheson and Keith H. Cron will move to Fiera.
Lala, Propel’s co-founder and current president and chief executive, will become executive vice president, Retail Markets for Fiera Capital.
Upon completion of the deal, Propel’s operations will be fully integrated into Fiera’s retail segment on 1 October 2014.
Jean-Guy Desjardins, chairman and CEO of Fiera Capital, said: "Strategically, this acquisition, which will be accretive to earnings, directly contributes to Fiera Capital’s near-term growth and leadership objectives. With the Propel team on board, Fiera Capital is further enhancing its expertise, offering and distribution capabilities in the Canadian retail investor space."
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By GlobalData"This will make it possible for us to continue to serve our existing clients while also creating new, innovative investment products, and working with advisors across Canada to implement additional closed-end funds," added Lala.
