Purpose Investments, a provider of ETFs, mutual funds and closed end funds, has wrapped up the acquisition of Toronto-based Redwood Asset Management.
The deal, announced in July 2016, makes Redwood a wholly owned subsidiary of Purpose.
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Purpose president and CEO Som Seif said: "We are excited about the growth potential of Redwood and we will be working with them to build on its leadership in the active management space.
"The combination of Purpose's industry leading quantitative rules-based strategies and Redwood's specialized high quality active mandates creates a formidable platform with a full range of solutions designed to help Canadian investors achieve their goals over the next few decades."
Redwood will, however, still operate as a separate entity under its own brand, and will continue to be headed by its existing management team with its president and CEO Peter Shippen.
"The two firms are a great fit for one another. Purpose has proven itself to be a trusted investment manager across a diverse range of high quality traditional and alternative investment strategies at a reasonable cost, and our firm and our clients will benefit from that reputation, expertise and scale," Shippen said.
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