Toronto-based alternative asset manager Forum Equity Partners has acquired Relevance Wealth Management for an undisclosed amount.

Under the agreement, a fully-owned subsidiary of Forum will act as the investment fund manager and portfolio manager of funds managed by both Forum and Relevance.

Relevance president and CEO Keith Pangretitsch joined Forum as managing director and head of Alternative Assets.

Pangretitsch will be responsible for growing and overseeing a national fundraising team.

Commenting on the development, Forum founder and CEO Richard Abboud said: “Keith provides Forum with leadership in the retail and institutional investor space.

“Keith has already made significant contributions to the Forum Real Estate Income and Impact Fund and will help us continue to build alternative products to serve private wealth and institutional investors.”

Established in 1996, Forum operates across North America with focus on private equity, real estate and infrastructure

It manages approximately C$1.7bn in assets.

The latest deal comes as the firm seeks to further grow its asset management business in Canada following the launch of two private alternative funds last year.

Pangretitsch said: “I am pleased to be joining Forum, with its 25-year history of delivering top-tier performance in alternative assets.

“The Relevance philosophy, adding alternative investments to enable investors to better meet their financial goals with less volatility, aligns well with Forum’s investment philosophy.”

Earlier this week, Canada-based Forstrong Global Asset Management snapped up 100% of Shaunessy Investment Counsel’s outstanding shares for an undisclosed amount.