Canadian asset manager Fiera Capital has closed the purchase of Foresters Asset Management from Foresters Life Insurance Company after securing the regulatory nod.

The acquired entity has been rebranded as Fiera Capital Fund Management (FCFM).

FCFM will become part of Fiera Capital’s Canadian business. The funds earlier managed by FCFM will now be managed by Fiera Capital.

The transaction, whose financial terms were not revealed, was announced in May this year.

At the time of the deal announcement, Fiera Capital president and COO of Canadian Division Jean-Philippe Lemay said: “For Fiera Capital, LDI is a framework for solutions to which we bring a multi-asset reach in a holistic, yet customised, risk management approach that extends beyond fixed income alone.”

Headquartered in Ontario, FCFM specialises in institutional and insurance liability-driven investment (LDI). The business oversaw around $10.9bn in assets at the end of July 2019.

Fiera Capital anticipates the deal to add to its adjusted earnings per share within the first year after closing.

As of 30 June 2019, Fiera Capital managed nearly C$149.5bn ($112.6bn) in assets.

The firm has been ramping up its consolidation activities in recent times.

In 2018, the firm acquired CGOV Asset Management and Clearwater Capital Partners.

Fiera Capital’s purchase spree continued this year with its acquisition of an 80% stake in Palmer Capital Partners and acquisition of Integrated Asset Management.