Marquest Asset Management has entered into binding agreements to acquire entire portfolio management, custodian and related contracts of the Matrix Group of Mutual Funds, which belongs to Growth Works Capital’s operating division, Matrix Funds Management.
Marquest Asset has also signed an agreement with the senior management of Seamark Asset Management (Seamark), to acquire the operational assets of Seamark, in aggregate representing assets under management of approximately $730 million.
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The Seamark assets will be managed in a new investment management firm, with the senior management of Seamark and Marquest owning 67% and 33% interests in the new firm, respectively.
Bob McKim, CIO of Seamark, said: "We are pleased to restore independence to the Atlantic Canadian SEAMARK brand, while enhancing our national footprint by partnering with a successful group of financial service entrepreneurs such as Marquest."
The transaction is subject to customary closing conditions, including necessary shareholder, stock exchange and regulatory approvals.
Seamark has provided investment management services for over 30 years, with a focus on preserving and enhancing clients’ assets over the long-term. The company offers its services to the institutional and private clients across Canada.
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