Canada-based Forstrong Global Asset Management has acquired 100% of Shaunessy Investment Counsel‘s (SIC) outstanding shares for an undisclosed amount.

Established in 2001 by industry veteran Terry Shaunessy, the acquired firm provides specialised investment counsel service to high net-worth (HNW) families and institutional clients.

The deal is part of Forstrong’s strategy to bolster its presence as a global macro asset manager in Canada.

The firm, founded in 2001, oversees global investment portfolios to capitalise on macroeconomic, geopolitical and other world trends for financial institutions and individual investors in the country.

Commenting on the deal, Forstrong CEO and CIO Tyler Mordy said: “SIC has a very strong alignment with Forstrong’s investment philosophy, corporate culture and vision. 

“Combining the two firms increases the depth of our investment management team, provides additional scale and resources to build on the firm’s operational structure, and, ultimately, broadens and enhances our client service offering.”

As part of the transaction, the combined group will continue to offer its distinct global investment expertise to financial professionals, institutions, and individual investors.

SIC’s James Garcelon will join Forstrong as president, while Shaunessy will be part of Forstrong’s investment committee.

The deal will not affect Forstrong’s existing staff.

Shaunessy said: “This partnership immediately provides both scale to our firm and enormous benefits to our clients, along with a dedicated and esteemed global macro manager.

“Our common values, shared investment philosophy and entrepreneurial corporate culture make this an excellent fit for us and our clients.”

In 2017, Wealthsimple for Advisors tied up with Forstrong to give financial advisers using its platform access to Forstrong’s investment portfolios.