Canadian asset manager Fiera Capital has closed the acquisition of CGOV Asset Management, a local investment manager focussed on HNW and institutional investors.

Ontario-based CGOV focuses on offering traditional equity strategies such as Canadian equity, global equity and total equity. The firm reported around C$5bn in assets under management at the end of March 2018.

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The acquisition of CGOV takes Fiera Capital’s assets to over C$136bn. The deal, valued at C$114.2m ($88.1m), was first announced in March this year.

Of the total deal consideration, C$48.2m was paid in cash while C$66m was paid through the issuance of 5,541,561 Fiera Capital class A subordinate voting shares.

As part of the deal, former CGOV president Ted Ecclestone has been appointed as the head of Canadian private wealth team at Fiera Capital.

“This transaction will provide CGOV clients the ability to create more robust portfolios by augmenting their current portfolios with Fiera Capital’s diverse suite of investment solutions. It will also provide a stable, long-term platform for the CGOV investment team to continue delivering value to our institutional clients,” Ecclestone said.

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Fiera Capital expects the deal to be modestly accretive to adjusted EPS within the first full year following closing.

Fiera Capital president and COO of Canadian division Jean-Philippe Lemay said: “It is our pleasure to officially welcome the CGOV team to Fiera Capital, including Founding Partner Don Cranston and President Ted Ecclestone.

“The significant footprint and seasoned investment expertise gained as a result of the transaction enables Fiera Capital to be a competitive force in the high-net-worth segment in Canada.”